Browse by tag

View this page as raw Markdown (.md)

Pages are tagged on several axes: topic, access, data shape, source, dataset (data:<slug>, one per dataset page), and verification (how far the access recipe was actually run: fetched, reachable, licensed, or unverified). Pick a tag to jump to everything under it. A dataset tag marked “no wiki page yet” is one a paper cites but we have not documented; it doubles as our to-write list. Tip: in-page search (Cmd/Ctrl + K, top of any wiki page) searches the full text of every page below.

Kind paper-summary 254

Topic asset-pricing 49 factors 11 anomalies 7 macro 41 equities 35 fundamentals 5 filings 8 pensions 4 banks 16 mortgages 7 housing 16 limited-attention 1 institutional-investors 12 return-predictability 6 fund-performance 2 abnormal-returns 1 accounting 7 accounting-conservatism 1 adjustment-costs 1 administrative 11 admissions 1 adolescents 1 adverse-selection 4 affine-term-structure 1 agency 2 agency-costs 1 agglomeration 1 aging 1 air-pollution 1 algorithmic-trading 1 alternative-data 1 analyst-forecasts 2 antitrust 2 apparent-age 1 arbitrage 2 asset-management 2 attitudes 1 auction-theory 5 auctions 1 auditing 1 automated-market-maker 1 bail-ins 1 balance-sheet 1 bank-capital 1 bank-equity 1 bank-failures 3 bank-funding 1 bank-lending 2 bank-mergers 1 bank-monitoring 1 bank-regulation 1 bank-reputation 1 bank-resolution 1 bank-runs 3 bank-structure 1 banking 44 banking-crises 1 banking-syndicates 1 bankruptcy 5 bargaining 2 bayesian 1 bayesian-inference 1 behavioral-bias 1 behavioral-corporate-finance 1 behavioral-economics 5 behavioral-finance 11 beliefs 4 benchmarking 1 blockchain 2 board-composition 1 bond-holdings 1 bond-pricing 1 bond-risk-premia 1 bootstrap 1 borrow-fees 1 borrower-sophistication 1 branch-level 1 breakeven-inflation 1 broker-execution 1 bureaucracy 2 business-cycle 1 business-cycles 3 business-dynamism 1 business-groups 1 business-lending 1 canada 2 candidate-valence 1 capital-misallocation 1 capital-reallocation 1 capital-requirements 1 capital-structure 1 carbon-pricing 1 carbon-risk 1 career-stakes 1 cash-flows 1 cashless-payments 1 causal-forests 1 causal-inference 1 cds 1 census 1 central-bank 3 central-bank-lending 1 central-banking 2 ceo-behavior 1 ceo-turnover 2 cheap-talk 1 child-development 1 child-marriage 1 china 10 china-shock 1 civil-rights 1 classified-boards 1 climate 2 climate-finance 5 climate-risk 1 coase-conjecture 1 cognitive-biases 1 coholding 1 collateral 3 collateral-constraints 1 collusion 1 commercial-paper 1 commercial-real-estate 1 commodities 2 commodity-markets 1 comovement 1 comparative-statics 1 compensating-differentials 1 compensation 2 competition 3 congestion 1 construction-loans 1 consumer-credit 5 consumer-finance 4 consumer-surplus 1 consumption 1 contagion 1 contest-theory 1 contract-theory 7 coordination 1 corporate-bonds 7 corporate-debt 1 corporate-decisions 1 corporate-diversification 1 corporate-finance 17 corporate-governance 17 corporate-investment 5 corporate-lending 1 corporate-loans 1 corporate-social-responsibility 1 cost-of-capital 1 court-records 1 courts 2 covenants 1 covid-19 1 creative-destruction 1 credit 10 credit-bureau 4 credit-cards 1 credit-cycles 2 credit-markets 7 credit-pricing 1 credit-register 2 credit-risk 4 credit-supply 6 criminal-justice 3 criminal-sentencing 1 cross-country 1 crowding 1 crypto 1 cryptocurrency 2 csr 1 cultural-economics 1 cultural-finance 1 currency-risk-premia 1 cyber-risk 1 cybersecurity 2 deal-data 2 dealer-competition 1 dealers 2 deals 1 debt 1 debt-collection 1 debt-covenants 1 debt-relief 1 debt-structure 1 decentralized-exchange 1 decision-theory 1 decision-trees 1 default 1 default-effects 2 default-options 1 default-risk 1 defense-rd 1 defi 3 dei 1 demographic-transition 1 demographics 3 deposit-competition 1 deposit-insurance 3 deposit-markets 1 deposit-rates 1 deposit-spreads 1 deposits 3 derivatives 5 descriptive 2 developing-countries 2 developing-economies 1 development-economics 3 difference-in-differences 39 digital-distraction 1 digital-markets 1 disagreement 1 disaster-risk 2 disclosure 2 discrete-choice 2 discrimination 5 disposition-effect 1 distress 1 diversity 1 divestitures 2 durable-goods 1 dynamic-contracting 3 earnings-announcements 1 earnings-calls 1 earnings-dynamics 1 economic-geography 1 economic-history 7 education 2 education-economics 1 eia 1 elections 4 electricity 1 elite-colleges 1 emerging-markets 2 emissions 2 employer-collusion 1 employment 4 employment-biographies 1 employment-polarization 1 endogenous-amenities 1 energy 2 entrepreneurial-finance 1 entrepreneurship 2 environmental 2 environmental-economics 1 environmental-finance 2 equity-indices 2 equity-premium 3 equity-trading 1 esg 18 establishments 3 euro-area 1 event-study 30 excess-capacity 1 exchange-rates 7 executive-compensation 10 executives 2 expectations 5 experimental 4 experimental-economics 3 export-controls 1 expressive-law 1 external-sector 1 extrapolation 2 extreme-weather 1 factor-models 6 fair-lending 1 fairness 1 fed-funds 2 federal-funding 1 feedback-effects 1 fertility 1 field-experiment 4 financial-accelerator 1 financial-constraints 1 financial-contracting 1 financial-crises 5 financial-crisis 1 financial-education 1 financial-frictions 1 financial-inclusion 2 financial-intermediation 3 financial-markets 1 financial-regulation 3 financial-stability 5 financial-statements 1 financing-rounds 1 fintech 7 firm-dynamics 5 firm-financials 3 firm-financing 1 firm-heterogeneity 1 firm-level 2 firm-life-cycle 1 firm-ownership 1 firm-performance 1 firm-real-outcomes 1 firm-similarity 1 firm-structure 1 firms 4 fiscal-federalism 1 fiscal-policy 4 fixed-income 12 flight-to-safety 1 floor-trading 1 forecasting 1 forecasts 2 foreclosure 1 foreign-exchange 1 forward-guidance 1 france 3 fraud 1 french-revolution 1 frictions 1 full-text 1 fund-behavior 2 fund-data 1 fund-flows 1 funding 3 funds 1 futures 2 gains-from-trade 1 game-theory 3 gender 3 gender-discrimination 1 gender-gap 2 general-equilibrium 2 geoeconomics 1 geographic-lending 1 geography 3 geopolitics 1 germany 5 governance 1 government 1 gravity 1 great-depression 1 green-innovation 1 greenwashing 1 hand-collected 1 hank 1 health-economics 6 health-insurance 1 health-outcomes 1 healthcare 4 healthcare-policy 1 hedge-fund-activism 1 hedge-funds 1 heterogeneous-agents 2 heterogeneous-beliefs 1 high-frequency 1 higher-education 2 hiring 1 historical 5 historical-economics 1 historical-finance 1 hiv-aids 1 holdings 4 hospitals 4 household 2 household-economics 1 household-finance 34 housing-markets 2 human-capital 5 hurricanes 1 identification 1 ideology 1 images 1 immigration 1 immiseration 1 impact-investing 2 implied-volatility 1 incentives 1 income 3 income-mobility 1 incumbency-advantage 1 index-constituents 2 index-funds 1 index-reconstitution 1 india 3 indices 1 individual-records 1 industrial-organization 3 industrial-policy 3 industrial-pollution 2 industry 2 industry-classification 1 industry-data 1 inequality 4 inference 1 inflation 2 information-acquisition 3 information-asymmetry 8 information-design 2 information-economics 7 information-effect 1 information-effects 1 infrastructure 1 inheritance 1 innovation 2 innovation-policy 1 insider-trading 2 insolvency 2 institutional-ownership 1 instrument 1 instrumental-variables 27 insurance 4 intangible-capital 1 interbank 2 interest-rate-futures 1 interest-rates 4 intergenerational-transfers 1 interlocking-directorates 1 intermediary-asset-pricing 3 international 7 international-finance 3 international-trade 6 investment 2 investor-beliefs 1 investor-composition 1 investor-demand 1 investor-horizon 1 ipo 1 italy 2 job-ads 1 job-loss 1 judicial-decision-making 1 labor 8 labor-careers-health 1 labor-economics 11 labor-investment 1 labor-markets 4 labor-share 1 labor-supply 1 lasso 1 law-and-economics 1 law-economics 1 le-chatelier 1 legal 2 legal-environment 1 lender-control 1 lender-screening 1 lending 5 lending-relationships 1 leverage 3 libor-sofr 1 licensing 1 life-cycle 3 life-insurance 1 limits-to-arbitrage 3 linear-probability-model 1 liquidity 7 liquidity-provision 1 litigation 1 loan-data 1 loan-level 1 loan-loss-provision 1 local-projections 3 logit-regression 2 machine-learning 9 macro-finance 2 macroeconomic-expectations 1 macroeconomics 1 managerial-ability 1 managerial-capital 1 manufacturing 1 margin 1 market 2 market-concentration 1 market-data 2 market-design 6 market-integration 1 market-liquidity 1 market-microstructure 21 market-power 1 market-regulation 1 market-structure 2 market-timing 1 marketing-data 1 markets 1 markups 1 marriage-markets 2 matched-employer-employee 1 matching 1 measurement 2 mechanism-design 14 media-archive 1 media-bias 1 media-economics 2 medicare 2 memory-bias 1 mergers-acquisitions 8 mergers-and-acquisitions 2 metadata 1 mexico 1 micro 1 microdata 4 migration 1 military-service 1 minimum-wage 1 misallocation 1 monetary-economics 1 monetary-policy 21 money-market-funds 2 money-markets 7 monitoring 2 monopsony 1 moral-hazard 7 mortality 1 mortgage 4 mortgage-backed-securities 1 mortgage-lending 2 mortgage-markets 3 multi-part-tariffs 1 mutual-funds 7 narrative 1 natural-disasters 1 natural-experiment 12 natural-resources 1 network 1 neural-networks 1 new-data 1 new-fact 1 new-keynesian 3 news 2 nlp 1 no-stable-source 1 nominal-rigidities 1 non-bank-lenders 1 non-cognitive-skills 1 nonbank-lenders 1 nonlinear-pricing 1 nonprofit 1 nonprofits 1 nordic 1 norway 2 nudges 1 occupation-switching 1 occupational-choice 1 oil-and-gas 1 oil-gas 1 online-learning 1 open-economy-macro 2 opioids 1 optimal-contracting 3 optimal-taxation 3 optimization-theory 1 options 6 options-markets 1 options-trading 1 organ-allocation 1 organizational-design 1 organizational-economics 3 organizations 1 otc-markets 3 overconfidence 2 overdraft 1 overlapping-generations 1 overreaction 1 ownership 2 paid 1 panel 5 parenting 1 partial-identification 1 partisan-realignment 1 passive-investing 1 patents 2 pay-for-luck 1 pay-transparency 1 payday-lending 2 payment-for-order-flow 1 payment-systems 1 payments 2 payout-policy 1 paywalled 1 pecuniary-externalities 1 peer-effects 3 peer-to-peer-lending 1 penalized-regression 1 pension 1 performance-evaluation 1 persuasion 1 place-based-policy 2 policy-interventions 1 policy-uncertainty 1 political-economy 16 pollution 1 population-register 2 portfolio-choice 3 portfolio-optimization 1 portfolios 2 positioning 1 post-trade 2 predictive-regression 1 price-discovery 1 price-discrimination 1 price-dispersion 2 price-informativeness 1 price-stability 1 price-transparency 1 prices 6 principal-agent 1 private-equity 3 private-firms 3 private-markets 1 private-meetings 1 privatization 1 probit-regression 1 procurement 3 production 1 production-networks 3 productivity 3 promotions 2 property-records 1 prospect-theory 2 proxy-voting 1 prudential-regulation 1 public-economics 3 public-finance 3 public-goods 2 public-health 1 public-opinion 1 public-private-partnerships 1 public-sector 1 quality 1 quant-funds 1 race-discrimination 1 racial-discrimination 1 racial-disparities 1 randomized 3 rare-disasters 1 rate-locks 1 rates 1 ratings 1 rdd 1 real-effects 1 real-estate 16 real-options 1 realization-utility 1 recession 1 recovery 1 redistribution 2 reference-price 1 reference-rates 1 regional 1 regression-discontinuity 5 regression-discontinuity-design 1 regulation 5 regulation-policy 1 regulatory 2 regulatory-burden 1 regulatory-standards 1 reinvestment 1 relationships 1 rent-extraction 1 rents 2 repeated-games 1 replication 2 repo 2 repo-markets 1 residential-sorting 1 resolution 1 retail 1 retail-investors 2 retail-order-flow 1 retail-trading 1 retirement 3 return-forecasting 1 returns 1 returns-to-education 1 revealed-preference 1 revolving-credit 1 risk-preferences 2 risk-premia 3 risk-return 1 risk-sharing 1 risk-taking 1 robo-advising 1 savings 1 sbir 1 scale-economies 1 school-choice 1 screening 1 search-frictions 2 sec-filings 1 securities-lending 1 securitization 1 segments 1 self-selection 1 semiparametric 1 sentiment 1 shareholder-voting 1 short-selling 2 short-term-funding 1 short-term-rentals 1 short-termism 1 signaling 2 small-business 3 smart-contracts 1 social-capital 1 social-finance 1 social-insurance 1 social-interactions 1 social-investing 1 social-media 3 social-mobility 1 social-network 1 social-networks 2 social-norms 2 social-security 1 social-welfare 1 sovereign-debt 2 spain 1 spatial-economics 1 startups 2 state-formation 1 state-owned-enterprises 1 steel 1 stock-indexing 1 stock-liquidity 1 stock-market-participation 2 stock-repurchases 1 stress-testing 1 structural 21 structural-estimation 5 structural-model 1 structural-models 1 student-debt 1 subprime 1 sudden-stops 1 sunk-cost-effect 1 supervision 3 supply-chains 4 survey 7 survey-data 2 survey-expectations 3 survey-experiment 1 survival-analysis 2 survivorship-bias 1 sustainable-finance 2 sustainable-investing 2 svar 1 sweden 2 switching-costs 1 syndicated-loans 2 syndication 1 systematic-risk 1 systemic-risk 1 takeover-defenses 1 target-date-funds 1 tax-filings 1 tax-policy 1 team-incentives 1 technical-change 1 technological-change 1 telecommunications 1 term-structure 3 text 3 text-as-data 17 text-classification 2 theory 12 third-party-risk 1 tick-size 2 time-preferences 1 time-series-forecasting 1 tips 1 tobin-q 1 total-factor-productivity 1 trade-elasticity 1 trade-policy 4 transaction-costs 1 transaction-data 2 transactions 2 transportation 1 treasuries 1 treasury-bills 1 treatment-effects 1 tutoring 1 uip 1 uk-equities 1 uncertainty 2 uniform-pricing 1 united-states 2 urban 1 urban-economics 4 urban-inequality 1 valuation 1 venture-capital 7 view-only 2 volatility 5 wage-inequality 3 wage-markdowns 1 wages 2 weak-factors 1 wealth 4 wealth-distribution 1 wealth-effects 1 wealth-inequality 2 weather 1 web-archive 1 welfare 1 welfare-economics 1 wholesale-funding 1 window-dressing 1 working-capital 1 working-conditions 1 working-papers 1 yield-curve 1 yields 1 zombie-lending 1

Method panel-regression 166 fama-macbeth 10 portfolio-sort 14

Access free 58 no-api-key 51 licensed 67 open-access 75 cc-by 58

Verification verified-fetched 50 verified-reachable 4 access-confirmed-licensed 9 unverified 106

Data shape panel-data 33 time-series 28 cross-section 11 event-data 10

Source federal-reserve 16 bea 2 sec 2 dol 1 fdic 6 cfpb 2 academic 16 wrds 5

Journal journal:aer 48 journal:econometrica 12 journal:jbf 12 journal:jcf 12 journal:jef 6 journal:jf 107 journal:jfe 12 journal:jfm 6 journal:jpe 12 journal:qje 15 journal:rfs 12

Year year:2026 89 year:2025 114 year:2024 3 year:2023 48

Status peer-reviewed 254 unreplicated 251

Kind paper-summary

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.
Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.
Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.
Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.
Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.
Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.
Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.
Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.
Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.
Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.
Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.
Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.
Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.
Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Topic asset-pricing

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Flexible data-mining strategies (Chen-Lopez-Lira-Zimmermann) : How to get ~30,000 data-mined long-short strategies and the signal-theory classification for free: the gdown-for-Drive trap, the size trap, and start-from-the-small-file tip, for automated pipelines.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Ken French Data Library: factors & test portfolios : How to pull Fama-French factors, momentum, and sorted test portfolios for free: the percent-not-decimal trap, the header-rows trap, and the monthly/annual-in-one-file trap, for automated pipelines.
Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Open Source Asset Pricing (Chen-Zimmermann) : How to pull 212 firm-level anomaly signals and pre-built long-short portfolio returns for free: the list-not-string trap, the 1.6 GB bulk trap, and the CRSP-merge-already-done point, for automated pipelines.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Titlon Oslo Stock Exchange data (licensed) : Titlon is the University of Tromso's financial database for the Oslo Stock Exchange: prices, returns, shares outstanding, and accounting data for Nordic listed firms. It is free to Nordic academic users but credential-gated, not openly public; this page documents the access path and the gotchas, and the data was not exercised here.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Topic factors

Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Flexible data-mining strategies (Chen-Lopez-Lira-Zimmermann) : How to get ~30,000 data-mined long-short strategies and the signal-theory classification for free: the gdown-for-Drive trap, the size trap, and start-from-the-small-file tip, for automated pipelines.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Ken French Data Library: factors & test portfolios : How to pull Fama-French factors, momentum, and sorted test portfolios for free: the percent-not-decimal trap, the header-rows trap, and the monthly/annual-in-one-file trap, for automated pipelines.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Topic anomalies

Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Flexible data-mining strategies (Chen-Lopez-Lira-Zimmermann) : How to get ~30,000 data-mined long-short strategies and the signal-theory classification for free: the gdown-for-Drive trap, the size trap, and start-from-the-small-file tip, for automated pipelines.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Open Source Asset Pricing (Chen-Zimmermann) : How to pull 212 firm-level anomaly signals and pre-built long-short portfolio returns for free: the list-not-string trap, the 1.6 GB bulk trap, and the CRSP-merge-already-done point, for automated pipelines.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Topic macro

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Barro-Ursua macroeconomic database : The Barro-Ursua database is a long-run cross-country panel of annual real per-capita GDP and consumption, assembled to study macroeconomic disasters. It is a free academic dataset; the canonical host blocked automated fetches from this session, so the download was not exercised here.
BIS Effective Exchange Rate Indices (EER) : How to pull the BIS nominal and real effective exchange rate indices from the no-key BIS statistics API, and the gotchas that bite pipelines (real vs nominal, narrow vs broad basket, an up-move means appreciation, the index is rebased not a level).
Consensus Economics forecast surveys (licensed) : Consensus Economics surveys a panel of professional forecasters for cross-country macro and exchange-rate projections at several horizons. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
DFA: Distributional Financial Accounts (Federal Reserve) : How to download the Federal Reserve Board's Distributional Financial Accounts, which give quarterly estimates of US household wealth distribution by wealth percentile, generation, education, and race, reconciled to Z.1 aggregates, with no key required.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.
Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.
Flow of Funds: Financial Accounts of the United States (Z.1) : How to pull the Federal Reserve's Z.1 Financial Accounts (sector balance sheets and flows for the whole US economy) for free with no key, how to read the per-table CSV package and series-code grammar, and the levels-vs-flows gotchas that bite pipelines.
FRED: Federal Reserve Economic Data : How to pull macro and financial time series from FRED for free, including the no-API-key fallback, the series you actually need for finance and macro calibration, and the gotchas that bite automated pipelines.
Global Financial Data (GFD): long-run cross-country series (licensed) : Global Financial Data is a commercial vendor of long-run historical stock, bond, commodity, and macroeconomic series spanning many countries and centuries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
GSW: Gurkaynak-Sack-Wright Treasury yield curve : How to pull the Federal Reserve staff's daily fitted US Treasury zero-coupon yield curve (Svensson model, 1961 to present) for free with no key, which mnemonic is which, and the header and compounding gotchas that bite pipelines.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
IMF International Financial Statistics (IFS) : How to pull cross-country macro and external-sector series from the IMF, including the no-key DataMapper API, the SDMX data portal, and the gotchas that bite pipelines (database moves, units, missing-period gaps).
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
NBER Business Cycle Dates : How to pull the NBER U.S. business cycle peak and trough reference dates as JSON with no API key, plus the gotchas that bite pipelines (announcement lag, day-component conventions, committee judgment versus the GDP rule).
NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.
NIPA: National Income and Product Accounts (BEA) : How to pull the US National Income and Product Accounts (GDP and its components) from the BEA for free, the no-key static-file fallback as well as the API, and the units, revision, and table-vs-series gotchas that bite pipelines.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Refinitiv Datastream: global time-series of prices and macro series (licensed) : Datastream is Refinitiv's (LSEG) historical financial time-series database covering equities, bonds, commodities, indices, exchange rates, interest rates, options/futures, and a large library of macroeconomic series across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).
SCF: Survey of Consumer Finances : How to pull the Federal Reserve's Survey of Consumer Finances summary extract (US household wealth, debt, income, and portfolios) for free with no key, why the file has five rows per household, and the weighting and imputation gotchas that bite pipelines.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.

Topic equities

CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
China shadow-margin lending data (single provider, restricted access) : Daily stock-level off-exchange ("shadow") margin balances from one large Chinese lending platform, used to study the 2015 boom and bust. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
CRSP Mutual Funds + Thomson holdings: the survivor-bias-free fund panel (licensed) : The CRSP Survivor-Bias-Free Mutual Fund Database (returns, TNA, fees, CRSP holdings) and the Thomson Reuters Mutual Fund Holdings (s12), linked by MFLINKS, are the standard US open-end mutual-fund panel. Licensed via WRDS: this page documents the access path and the gotchas; the path was exercised through a licensed WRDS session.
CSMAR: China Stock Market & Accounting Research (licensed) : CSMAR is the standard vendor database of Chinese listed-firm prices, financials, ownership, and market microstructure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
FactSet LionShares: institutional ownership (licensed) : FactSet LionShares (FactSet Ownership) is a commercial source for global institutional and fund holdings, with institution classification. It is a paid subscription: this page documents the access path and the gotchas that bite ownership pipelines, but the data was not exercised here.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
I/B/E/S: analyst estimates and actuals (licensed) : I/B/E/S is the standard panel of sell-side analyst forecasts (EPS and other measures), consensus summaries, and matched "street" actuals, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
NYSE TAQ: trade and quote microstructure data (licensed) : NYSE TAQ (Trade and Quote) is a tick-level database of intraday trades and quotes for all US-listed equities on the consolidated tape, covering two lineages: Monthly TAQ (1993 onward) and Daily TAQ (millisecond to nanosecond stamps, 2003/2014+), reached by most academics through WRDS. It is licensed: the access path was exercised through a licensed WRDS session.
Open Source Asset Pricing (Chen-Zimmermann) : How to pull 212 firm-level anomaly signals and pre-built long-short portfolio returns for free: the list-not-string trap, the 1.6 GB bulk trap, and the CRSP-merge-already-done point, for automated pipelines.
OptionMetrics IvyDB: option prices, implied vols, and Greeks (licensed) : OptionMetrics IvyDB is the standard database of end-of-day option prices, OptionMetrics-computed implied volatilities and Greeks, and the standardized volatility surface for US exchange-listed equity and index options from 1996. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
RavenPack: news and event analytics (licensed) : RavenPack turns text news into structured, timestamped entity-event records with sentiment, relevance, and novelty scores. It is a paid subscription: this page documents the access path and the gotchas that bite event-study pipelines, but the data was not exercised here.
Refinitiv Datastream: global time-series of prices and macro series (licensed) : Datastream is Refinitiv's (LSEG) historical financial time-series database covering equities, bonds, commodities, indices, exchange rates, interest rates, options/futures, and a large library of macroeconomic series across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
RepRisk: ESG risk-incident data (licensed) : RepRisk is a daily firm-level feed of negative environmental, social, and governance incidents sourced from media and stakeholder reports, scored for severity, reach, and novelty across 28 issue categories. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Revelio Labs: workforce and human-capital data (licensed) : Revelio Labs builds a firm-level workforce panel from public professional profiles and job postings: headcount, hiring and attrition, role and seniority mix, and education. It is a paid subscription: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session on 2026-06-09.
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).
SDC Platinum: M&A and new-issues deal data (licensed) : SDC Platinum is the standard deal-level database of mergers and acquisitions and new security issues (IPOs, SEOs, debt), assembled by LSEG / Refinitiv. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
Thomson Reuters institutional (13F) holdings: the s34 database (licensed) : The Thomson Reuters / Refinitiv (now LSEG) Institutional (13F) Holdings database, known by its WRDS table family "s34", is a manager-by-quarter panel of US institutional equity holdings built from SEC Form 13F filings. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Titlon Oslo Stock Exchange data (licensed) : Titlon is the University of Tromso's financial database for the Oslo Stock Exchange: prices, returns, shares outstanding, and accounting data for Nordic listed firms. It is free to Nordic academic users but credential-gated, not openly public; this page documents the access path and the gotchas, and the data was not exercised here.
Trucost: firm-level environmental and carbon data (licensed) : Trucost (S&P Global) is a firm-level environmental panel: scope 1, 2, and 3 greenhouse-gas emissions, intensities, and other environmental metrics, with much of it modeled rather than disclosed. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
VPS: Norwegian securities depository holdings (restricted access) : VPS is the Norwegian central securities depository; its records give complete individual-level securities holdings for Norwegian investors. It is restricted research microdata. This page documents what it is and the gotchas, but it was not exercised here.
WRDS / CRSP / Compustat: the paywalled core (academic access) : WRDS (CRSP, Compustat, IBES, OptionMetrics…) is not free, but most universities license it. How affiliated researchers get access, and what the free sources here can and cannot substitute for it.

Topic fundamentals

Compustat Global: non-US company fundamentals (licensed) : Compustat Global is S&P Global Market Intelligence's database of fundamental and market data for publicly traded companies outside North America, standardized into a common data model for cross-country comparison. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Compustat Segments: business- and geographic-segment financials (licensed) : Compustat Segment data reports financials below the consolidated firm level, by line of business and by geography, as disclosed under segment-reporting accounting standards. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Refinitiv Worldscope: global company fundamentals (licensed) : Worldscope is Refinitiv (LSEG) global database of standardized company fundamentals (balance sheet, income statement, cash flow, ratios, per-share data) and descriptive information for public companies across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SEC EDGAR: filings, financials, full-text search : How to pull SEC filings, XBRL financial facts, insider trades, and institutional holdings from EDGAR for free: the User-Agent trap, the 10 req/s limit, and XBRL-vs-text, for automated pipelines.
WRDS / CRSP / Compustat: the paywalled core (academic access) : WRDS (CRSP, Compustat, IBES, OptionMetrics…) is not free, but most universities license it. How affiliated researchers get access, and what the free sources here can and cannot substitute for it.

Topic filings

CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
DOL Form 5500: ERISA pension & welfare plan filings : How to pull DOL Form 5500 plan filings and schedules for free: the apex-redirect-hangs-urllib trap, the ACK_ID-not-EIN join key, and the "Latest is unstable" trap, for automated pipelines.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.
HCRIS (Medicare Hospital Cost Reports, CMS) : How to pull hospital cost-report data from CMS HCRIS, including the no-key bulk download, the flat-file worksheet layout, and the gotchas that bite pipelines (form versions, alpha/numeric files, fiscal-year boundaries).
HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.
SEC EDGAR: filings, financials, full-text search : How to pull SEC filings, XBRL financial facts, insider trades, and institutional holdings from EDGAR for free: the User-Agent trap, the 10 req/s limit, and XBRL-vs-text, for automated pipelines.
SEC Form ADV (via IAPD): investment-adviser registration : How to pull investment-adviser registration data from the SEC for free via IAPD: the firm report, the search API, and the bulk structured feed, plus why Form ADV lives outside EDGAR and the gotchas that bite fund-classification pipelines.

Topic pensions

Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
DOL Form 5500: ERISA pension & welfare plan filings : How to pull DOL Form 5500 plan filings and schedules for free: the apex-redirect-hangs-urllib trap, the ACK_ID-not-EIN join key, and the "Latest is unstable" trap, for automated pipelines.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.

Topic banks

FDIC confidential supervisory and account-level deposit data (restricted access) : Confidential FDIC microdata: account-level deposit balances and transactions for a failed bank, plus supervisory enforcement actions and brokered-deposit waivers. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
FDIC construction-loan servicing records (restricted access) : Loan-level construction-loan servicing data for a single failed bank held by the FDIC: terms, draw requests, on-site inspection reports, and outcomes. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
FDIC failed-bank bidding and resolution records (restricted access) : Bid-level records from FDIC bank-failure resolutions: bidder identities, bid terms, the FDIC's least-cost estimates, and loss-share claims. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
Federal Reserve discount window lending (restricted access) : Loan-level records of Federal Reserve discount window borrowing (primary credit and related facilities). Contemporaneous borrower-level data is confidential; transaction details are released only with a statutory lag. This page documents what it is and the gotchas, but it was not exercised here.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.
FR 2052a: Complex Institution Liquidity Monitoring Report (restricted access) : FR 2052a is the Federal Reserve's confidential liquidity-monitoring collection from large banking organizations: daily and monthly cash inflows and outflows by counterparty, product, and maturity. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FR 2644: Weekly Report of Selected Assets and Liabilities (restricted access) : FR 2644 is the Federal Reserve's confidential weekly bank balance-sheet collection from a sample of domestic banks and FBO branches. It underlies the published H.8 aggregates but the bank-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR Y-14Q: confidential bank supervisory data (restricted access) : FR Y-14Q is the Federal Reserve's quarterly stress-test data collection from large bank holding companies: loan-level corporate (H.1) and commercial real estate (H.2) records and more. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
Italian Credit Register (Centrale dei Rischi, restricted access) : The Centrale dei Rischi is the Bank of Italy's confidential credit register: firm-bank loan quantities and interest rates above a reporting threshold, alongside the Or.So. bank-board register and supervisory balance-sheet reports. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
NIC supervisory data: CAMELS ratings and BHC structure (restricted access) : The Federal Reserve's National Information Center holds confidential CAMELS supervisory ratings alongside public bank holding company structure and ownership history. The ratings are confidential; the structure data is public. This page documents what it is and the gotchas, but the ratings were not exercised here.
OSFI federally regulated lender data (Canada, restricted access) : Contract-level mortgage records for federally regulated Canadian lenders, collected by OSFI and reached through the Bank of Canada: lender identity, loan size, rate, amortization, LTV, and debt-service ratio. It is restricted supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
Spain CIR: Central de Informacion de Riesgos credit register (restricted access) : The CIR is the Banco de Espana's confidential loan-level credit register covering corporate loans by Spanish banks, with bank supervisory data matched to it. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
STBL: Survey of Terms of Business Lending (restricted access) : The Federal Reserve's Survey of Terms of Business Lending collected loan-level commercial-and-industrial loan terms and internal risk ratings from reporting banks. Aggregates were published (E.2); the loan-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
Technology service provider user list (restricted access) : A confidential list identifying which banks used a third-party technology service provider that was the target of a cyberattack, used as a treatment indicator. It is confidential single-source data. This page documents what it is and the gotchas, but it was not exercised here.

Topic mortgages

Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.
HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
NMLS Consumer Access : NMLS Consumer Access is a free per-record lookup for licensed mortgage loan originators and companies, but the Terms of Use forbid bulk or automated copying and there is no free bulk feed. Paid NMLS B2B Access is the only legitimate programmatic path for panel data.
NMLS Mortgage Call Report (company-level, restricted access) : The NMLS Mortgage Call Report collects loan-origination and financial-condition data from state-licensed mortgage companies. Aggregate statistics are published; the company-level data used in research is restricted. This page documents what it is and the gotchas, but it was not exercised here.
OSFI federally regulated lender data (Canada, restricted access) : Contract-level mortgage records for federally regulated Canadian lenders, collected by OSFI and reached through the Bank of Canada: lender identity, loan size, rate, amortization, LTV, and debt-service ratio. It is restricted supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
TransUnion credit bureau data (Canada, restricted access) : Monthly, population-wide individual credit-bureau records for Canada from TransUnion: borrower characteristics, mortgage identity, switching activity, and inquiries. It is restricted research microdata, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.

Topic housing

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
CoreLogic: property and housing microdata (licensed) : CoreLogic (Cotality) is a US property database: deed transactions, tax and assessor records, repeat-sales house-price indices, and foreclosure data at the property and zip-code level. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.
FHA single-family mortgage data : HUD publishes public aggregate data on FHA-insured single-family mortgages, but the loan-level origination-and-performance microdata used in default research is restricted administrative data. This page documents both and the gotchas; the restricted file was not exercised here.
FHFA House Price Index (HPI) : How to pull the FHFA repeat-sales house price index from the no-key master CSV, the ZIP-code developmental indexes, and the gotchas that bite pipelines (purchase-only vs all-transactions, NSA vs SA, the ZIP files are annual).
Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).
ZTRAX: Zillow Transaction and Assessment Dataset (licensed) : ZTRAX was Zillow's national property-level dataset of deed transactions and assessor records, distributed free to academics under a data-use agreement until the program was discontinued in 2023. This page documents the access path and the gotchas; the data was not exercised here.

Topic limited-attention

Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.

Topic institutional-investors

Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
CRSP Mutual Funds + Thomson holdings: the survivor-bias-free fund panel (licensed) : The CRSP Survivor-Bias-Free Mutual Fund Database (returns, TNA, fees, CRSP holdings) and the Thomson Reuters Mutual Fund Holdings (s12), linked by MFLINKS, are the standard US open-end mutual-fund panel. Licensed via WRDS: this page documents the access path and the gotchas; the path was exercised through a licensed WRDS session.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
FactSet LionShares: institutional ownership (licensed) : FactSet LionShares (FactSet Ownership) is a commercial source for global institutional and fund holdings, with institution classification. It is a paid subscription: this page documents the access path and the gotchas that bite ownership pipelines, but the data was not exercised here.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
Thomson Reuters institutional (13F) holdings: the s34 database (licensed) : The Thomson Reuters / Refinitiv (now LSEG) Institutional (13F) Holdings database, known by its WRDS table family "s34", is a manager-by-quarter panel of US institutional equity holdings built from SEC Form 13F filings. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.

Topic return-predictability

Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Topic fund-performance

Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.

Topic abnormal-returns

Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic accounting

Audit Analytics: auditor, disclosure, and restatement data (licensed) : Audit Analytics is the standard database of audit- and disclosure-related corporate events drawn from SEC filings: auditor identity and fees, auditor changes, internal-control opinions, financial-statement restatements, late filings, and litigation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Cerved: Italian company financials (licensed) : Cerved (Cerved Group) provides balance-sheet, income-statement, and credit information for Italian incorporated companies, including private firms. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Compustat Global: non-US company fundamentals (licensed) : Compustat Global is S&P Global Market Intelligence's database of fundamental and market data for publicly traded companies outside North America, standardized into a common data model for cross-country comparison. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Compustat Segments: business- and geographic-segment financials (licensed) : Compustat Segment data reports financials below the consolidated firm level, by line of business and by geography, as disclosed under segment-reporting accounting standards. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CSMAR: China Stock Market & Accounting Research (licensed) : CSMAR is the standard vendor database of Chinese listed-firm prices, financials, ownership, and market microstructure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
INSEE firm tax and accounting files (restricted access) : The French firm tax and accounting files (the BIC/FICUS-FARE lineage) are administrative firm-level balance sheets and income statements compiled by INSEE from DGFiP tax filings. They are restricted administrative microdata reached through the CASD secure data centre. This page documents what they are and the gotchas, but they were not exercised here.
Refinitiv Worldscope: global company fundamentals (licensed) : Worldscope is Refinitiv (LSEG) global database of standardized company fundamentals (balance sheet, income statement, cash flow, ratios, per-share data) and descriptive information for public companies across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic accounting-conservatism

Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.

Topic adjustment-costs

Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.

Topic administrative

AHA Annual Survey Database (licensed) : The American Hospital Association Annual Survey Database tracks U.S. hospital services, operations, beds, staffing, and system affiliation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
FEK: Swedish Structural Business Statistics (restricted access) : FEK is Statistics Sweden's firm-level structural business statistics: employment, payroll, productivity, and balance-sheet items for Swedish firms. It is restricted administrative microdata accessed in SCB's secure environment. This page documents what it is and the gotchas, but it was not exercised here.
IAB Establishment Panel (restricted access) : The IAB Establishment Panel is an annual representative survey of German establishments covering employment, wages, investment, and business practices. It is restricted microdata accessed through the IAB Research Data Centre. This page documents what it is and the gotchas, but it was not exercised here.
IEB: German Integrated Employment Biographies (restricted access) : The Integrated Employment Biographies (IEB) are the German Institute for Employment Research's administrative day-level employment records for the universe of workers covered by social security. They are restricted microdata accessed through the IAB Research Data Centre. This page documents what they are and the gotchas, but they were not exercised here.
INSEE DADS: French matched employer-employee data (restricted access) : DADS is the French administrative matched employer-employee dataset: annual social declarations linking workers to establishments, with earnings, occupation, and hours. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.
INSEE firm tax and accounting files (restricted access) : The French firm tax and accounting files (the BIC/FICUS-FARE lineage) are administrative firm-level balance sheets and income statements compiled by INSEE from DGFiP tax filings. They are restricted administrative microdata reached through the CASD secure data centre. This page documents what they are and the gotchas, but they were not exercised here.
INSEE LIFI: French inter-firm ownership links (restricted access) : LIFI is INSEE's administrative determination of business-group structure in France: which firms control which, used to assemble corporate groups from ownership links. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.
LISA: Swedish longitudinal population register (restricted access) : LISA is Statistics Sweden's individual-level longitudinal register covering the entire resident population: annual labor-market, income, transfer, education, and family records, with the Wealth Register accessed under the same terms. It is restricted administrative microdata. This page documents what it is and the gotchas, but it was not exercised here.
Statistics Norway administrative registers (restricted access) : Statistics Norway (SSB) maintains linked individual- and firm-level administrative registers: demographics, income, wealth, and balance sheets from tax records. Aggregate tables are public; the linked microdata is restricted. This page documents what it is and the gotchas, but the microdata was not exercised here.
VPS: Norwegian securities depository holdings (restricted access) : VPS is the Norwegian central securities depository; its records give complete individual-level securities holdings for Norwegian investors. It is restricted research microdata. This page documents what it is and the gotchas, but it was not exercised here.
ZTRAX: Zillow Transaction and Assessment Dataset (licensed) : ZTRAX was Zillow's national property-level dataset of deed transactions and assessor records, distributed free to academics under a data-use agreement until the program was discontinued in 2023. This page documents the access path and the gotchas; the data was not exercised here.

Topic admissions

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.

Topic adolescents

Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.

Topic adverse-selection

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.

Topic affine-term-structure

Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.

Topic agency

Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic agency-costs

Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.

Topic agglomeration

Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.

Topic aging

Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.

Topic air-pollution

Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.

Topic algorithmic-trading

Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.

Topic alternative-data

Internet Archive Wayback Machine : How to query the Internet Archive Wayback Machine for historical web-page snapshots from the no-key Availability and CDX APIs, and the gotchas that bite pipelines (coverage is not continuous, a snapshot is a crawl not the live page, rate limits, capture != content change).

Topic analyst-forecasts

ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
I/B/E/S: analyst estimates and actuals (licensed) : I/B/E/S is the standard panel of sell-side analyst forecasts (EPS and other measures), consensus summaries, and matched "street" actuals, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.

Topic antitrust

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Topic apparent-age

Getty Images executive photographs (licensed) : Getty Images licenses dated press photographs of executives, the raw material for machine-learning apparent-age and facial measures of CEOs. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic arbitrage

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic asset-management

SLI private meeting notes and fund records (restricted access) : Internal records of one asset manager (Standard Life Investments / abrdn): private-meeting notes, analyst ratings and recommendations, fund holdings, and daily trades. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.

Topic attitudes

Bilendi commissioned online survey (Germany, restricted access) : An author-commissioned representative online survey of Germans, fielded through the panel provider Bilendi, with individual-level responses on attitudes and financial behavior. It is a bespoke confidential collection, not an off-the-shelf product. This page documents what it is and the gotchas, but it was not exercised here.

Topic auction-theory

Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Topic auctions

Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.

Topic auditing

Audit Analytics: auditor, disclosure, and restatement data (licensed) : Audit Analytics is the standard database of audit- and disclosure-related corporate events drawn from SEC filings: auditor identity and fees, auditor changes, internal-control opinions, financial-statement restatements, late filings, and litigation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic automated-market-maker

Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.

Topic bail-ins

Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.

Topic balance-sheet

FR 2644: Weekly Report of Selected Assets and Liabilities (restricted access) : FR 2644 is the Federal Reserve's confidential weekly bank balance-sheet collection from a sample of domestic banks and FBO branches. It underlies the published H.8 aggregates but the bank-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic bank-capital

Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.

Topic bank-equity

Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.

Topic bank-failures

Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
FDIC failed-bank bidding and resolution records (restricted access) : Bid-level records from FDIC bank-failure resolutions: bidder identities, bid terms, the FDIC's least-cost estimates, and loss-share claims. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.

Topic bank-funding

Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.

Topic bank-lending

Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.

Topic bank-mergers

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.

Topic bank-monitoring

Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.

Topic bank-regulation

Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).

Topic bank-reputation

Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).

Topic bank-resolution

Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.

Topic bank-runs

Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.

Topic bank-structure

NIC supervisory data: CAMELS ratings and BHC structure (restricted access) : The Federal Reserve's National Information Center holds confidential CAMELS supervisory ratings alongside public bank holding company structure and ownership history. The ratings are confidential; the structure data is public. This page documents what it is and the gotchas, but the ratings were not exercised here.

Topic banking

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.
Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Banorte bank-account panel and savings experiment (Mexico, restricted access) : Individual-level account and transaction records for millions of customers of one Mexican bank (Banorte), plus a randomized savings field experiment run with the bank. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Confidential federal funds transaction data (restricted access) : Confidential, transaction-level federal funds borrowing and lending records held by the Federal Reserve, beyond what published benchmark rates reveal. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
FDIC Quarterly Banking Profile & BankFind financials : How to read the FDIC Quarterly Banking Profile (aggregate quarterly bank condition and income) and pull the institution-level BankFind financials API behind it, with the no-key access recipe and the gotchas that bite pipelines.
FDIC Summary of Deposits (SOD) : How to pull branch-level deposit data from the FDIC Summary of Deposits for free, with no API key, including the headquarters-booking distortion and the other gotchas that bite branch-geography pipelines.
Federal Reserve discount window lending (restricted access) : Loan-level records of Federal Reserve discount window borrowing (primary credit and related facilities). Contemporaneous borrower-level data is confidential; transaction details are released only with a statutory lag. This page documents what it is and the gotchas, but it was not exercised here.
Fedwire Funds Service: payment-level transaction data (restricted access) : Fedwire transaction data is the Federal Reserve's confidential record of real-time gross-settlement interbank payments: sender, receiver, value, and timestamp. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FR 2052a: Complex Institution Liquidity Monitoring Report (restricted access) : FR 2052a is the Federal Reserve's confidential liquidity-monitoring collection from large banking organizations: daily and monthly cash inflows and outflows by counterparty, product, and maturity. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FR 2420: Report of Selected Money Market Rates (restricted access) : FR 2420 is the Federal Reserve's confidential transaction-level collection of money-market rates: federal funds, Eurodollars, and certificates of deposit from banks and FBOs. It underlies published benchmarks but the transaction data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR 2644: Weekly Report of Selected Assets and Liabilities (restricted access) : FR 2644 is the Federal Reserve's confidential weekly bank balance-sheet collection from a sample of domestic banks and FBO branches. It underlies the published H.8 aggregates but the bank-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR Y-14Q: confidential bank supervisory data (restricted access) : FR Y-14Q is the Federal Reserve's quarterly stress-test data collection from large bank holding companies: loan-level corporate (H.1) and commercial real estate (H.2) records and more. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
German bank proprietary customer data (restricted access) : Individual-level customer records (product holdings, wealth, income, equity participation) from one anonymous German bank, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
LPC DealScan: syndicated-loan data (licensed) : DealScan (LSEG / LPC) is a deal-level database of syndicated and large corporate loans: facility pricing, amounts, maturities, covenants, and lender shares, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
NIC supervisory data: CAMELS ratings and BHC structure (restricted access) : The Federal Reserve's National Information Center holds confidential CAMELS supervisory ratings alongside public bank holding company structure and ownership history. The ratings are confidential; the structure data is public. This page documents what it is and the gotchas, but the ratings were not exercised here.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
RateWatch deposit-rate surveys (licensed) : RateWatch (S&P Global Market Intelligence) is the standard branch-level survey of U.S. deposit and CD rates, posted-rate data at weekly frequency. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
STBL: Survey of Terms of Business Lending (restricted access) : The Federal Reserve's Survey of Terms of Business Lending collected loan-level commercial-and-industrial loan terms and internal risk ratings from reporting banks. Aggregates were published (E.2); the loan-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.

Topic banking-crises

Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.

Topic banking-syndicates

Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.

Topic bankruptcy

Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.
Moody's Ultimate Recovery Database (licensed) : Moody's Ultimate Recovery Database (URD) records firm- and instrument-level creditor recovery rates at the resolution of U.S. corporate defaults. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.

Topic bargaining

Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.

Topic bayesian

Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).

Topic bayesian-inference

Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.

Topic behavioral-bias

Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.

Topic behavioral-corporate-finance

In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.

Topic behavioral-economics

Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.
Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.
Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.

Topic behavioral-finance

Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.

Topic beliefs

Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Topic benchmarking

Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.

Topic blockchain

Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.

Topic board-composition

Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.

Topic bond-holdings

Lipper eMAXX fixed-income holdings (licensed) : Lipper eMAXX (LSEG / Refinitiv) is the standard CUSIP-level database of fixed-income holdings for insurers, mutual funds, ETFs, and annuities. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic bond-pricing

IHS Markit bond pricing: composite quotes for corporate bonds (licensed) : The Markit Bond Pricing Database (IHS Markit / S&P Global) provides daily evaluated composite price quotes for individual corporate and other bonds, aggregated from contributing dealers, together with the dealer-count per bond. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic bond-risk-premia

Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).

Topic bootstrap

Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.

Topic borrow-fees

Markit Securities Finance: securities-lending data (licensed) : Markit Securities Finance (S&P Global / IHS Markit) is the standard securities-lending dataset: stock borrow fees, utilization, and lendable supply from a broad contributor base. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic borrower-sophistication

Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.

Topic branch-level

RateWatch deposit-rate surveys (licensed) : RateWatch (S&P Global Market Intelligence) is the standard branch-level survey of U.S. deposit and CD rates, posted-rate data at weekly frequency. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic breakeven-inflation

Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.

Topic broker-execution

The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.

Topic bureaucracy

Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.

Topic business-cycle

NBER Business Cycle Dates : How to pull the NBER U.S. business cycle peak and trough reference dates as JSON with no API key, plus the gotchas that bite pipelines (announcement lag, day-component conventions, committee judgment versus the GDP rule).

Topic business-cycles

Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.

Topic business-dynamism

Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.

Topic business-groups

INSEE LIFI: French inter-firm ownership links (restricted access) : LIFI is INSEE's administrative determination of business-group structure in France: which firms control which, used to assemble corporate groups from ownership links. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.

Topic business-lending

STBL: Survey of Terms of Business Lending (restricted access) : The Federal Reserve's Survey of Terms of Business Lending collected loan-level commercial-and-industrial loan terms and internal risk ratings from reporting banks. Aggregates were published (E.2); the loan-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic canada

OSFI federally regulated lender data (Canada, restricted access) : Contract-level mortgage records for federally regulated Canadian lenders, collected by OSFI and reached through the Bank of Canada: lender identity, loan size, rate, amortization, LTV, and debt-service ratio. It is restricted supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
TransUnion credit bureau data (Canada, restricted access) : Monthly, population-wide individual credit-bureau records for Canada from TransUnion: borrower characteristics, mortgage identity, switching activity, and inquiries. It is restricted research microdata, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.

Topic candidate-valence

Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.

Topic capital-misallocation

Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.

Topic capital-reallocation

Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.

Topic capital-requirements

When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.

Topic capital-structure

Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.

Topic carbon-pricing

Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.

Topic carbon-risk

Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.

Topic career-stakes

Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.

Topic cash-flows

ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.

Topic cashless-payments

FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.

Topic causal-forests

Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.

Topic causal-inference

Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.

Topic cds

IHS Markit CDS: single-name credit default swap spreads (licensed) : Markit CDS (IHS Markit, now S&P Global Market Intelligence) provides daily composite single-name and index credit-default-swap spreads contributed by dealers, across maturities, currencies, seniority, and restructuring clauses. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic census

American Community Survey (ACS) : How to pull American Community Survey estimates from the Census Bureau API (free key) or the no-key bulk files, and the gotchas that bite pipelines (1-year vs 5-year, every estimate has a margin of error, table-code churn, geographies are vintaged, it is a sample not a count).

Topic central-bank

ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.
Italian Credit Register (Centrale dei Rischi, restricted access) : The Centrale dei Rischi is the Bank of Italy's confidential credit register: firm-bank loan quantities and interest rates above a reporting threshold, alongside the Or.So. bank-board register and supervisory balance-sheet reports. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
Spain CIR: Central de Informacion de Riesgos credit register (restricted access) : The CIR is the Banco de Espana's confidential loan-level credit register covering corporate loans by Spanish banks, with bank supervisory data matched to it. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Topic central-bank-lending

Federal Reserve discount window lending (restricted access) : Loan-level records of Federal Reserve discount window borrowing (primary credit and related facilities). Contemporaneous borrower-level data is confidential; transaction details are released only with a statutory lag. This page documents what it is and the gotchas, but it was not exercised here.

Topic central-banking

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.

Topic ceo-behavior

In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.

Topic ceo-turnover

Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Topic cheap-talk

Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.

Topic child-development

Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).

Topic child-marriage

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.

Topic china

Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
China shadow-margin lending data (single provider, restricted access) : Daily stock-level off-exchange ("shadow") margin balances from one large Chinese lending platform, used to study the 2015 boom and bust. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
CSMAR: China Stock Market & Accounting Research (licensed) : CSMAR is the standard vendor database of Chinese listed-firm prices, financials, ownership, and market microstructure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.

Topic china-shock

Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.

Topic civil-rights

Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Topic classified-boards

Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.

Topic climate

NOAA hurricane track data (HURDAT2 / NHC) : NOAA National Hurricane Center best-track tropical-cyclone data (HURDAT2): 6-hourly positions, winds, pressure, and landfalls, with the no-key text-file download recipe and the gotchas that bite pipelines.
Trucost: firm-level environmental and carbon data (licensed) : Trucost (S&P Global) is a firm-level environmental panel: scope 1, 2, and 3 greenhouse-gas emissions, intensities, and other environmental metrics, with much of it modeled rather than disclosed. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic climate-finance

Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.

Topic climate-risk

Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.

Topic coase-conjecture

Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.

Topic cognitive-biases

Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.

Topic coholding

Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.

Topic collateral

Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.

Topic collateral-constraints

Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.

Topic collusion

Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.

Topic commercial-paper

DTCC commercial paper transaction data (restricted access) : Transaction-level commercial paper issuance records (issuer, volume, rate, maturity) from DTCC, used in money-market and bank-funding research. It is confidential, not an off-the-shelf feed. This page documents what it is and the gotchas, but it was not exercised here.

Topic commercial-real-estate

CoStar: commercial real estate transactions (licensed) : CoStar (CoStar Group) is a commercial-real-estate database: property-level records of completed sales, listings, leases, assessments, and physical/location characteristics across US markets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic commodities

Rystad Energy database (licensed) : Rystad Energy maintains asset-level oil and gas data: production, costs, reserves, and field economics for operators worldwide. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SteelBenchmarker steel price index (licensed) : SteelBenchmarker publishes biweekly reference prices for hot-rolled band, cold-rolled coil, scrap, and other steel products. Current spot reports are free, but the full historical product-level series is a subscription product. This page documents the access path and the gotchas; the series was not exercised here.

Topic commodity-markets

Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.

Topic comovement

Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.

Topic comparative-statics

Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.

Topic compensating-differentials

Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.

Topic compensation

IRS Form 990 (Nonprofit Returns) : How to pull IRS Form 990 nonprofit information returns free with no key via the e-file index on apps.irs.gov, including officer compensation, board composition, and organization financials, plus the gotchas that bite pipelines.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.

Topic competition

Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.

Topic congestion

Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.

Topic construction-loans

Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.

Topic consumer-credit

Clarity Services: alternative-credit bureau (licensed) : Clarity Services (an Experian company) is a specialty credit bureau for subprime and alternative credit: payday, installment, and other nonprime loan records. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Equifax consumer-credit records (restricted access) : Individual-level consumer credit microdata from Equifax (balances, delinquency, scores, account types), often reached as an anonymized matched panel, plus Equifax payroll-based employment and income verification. It is restricted PII, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.
Equifax traditional credit-bureau data (licensed) : Equifax traditional consumer credit-bureau records (installment and revolving balances, limits, credit scores) obtained under a commercial research licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
TransUnion credit bureau data (Canada, restricted access) : Monthly, population-wide individual credit-bureau records for Canada from TransUnion: borrower characteristics, mortgage identity, switching activity, and inquiries. It is restricted research microdata, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.

Topic consumer-finance

In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.

Topic consumer-surplus

An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.

Topic consumption

NielsenIQ retail scanner and consumer panel (licensed) : NielsenIQ retail scanner and Homescan consumer-panel data, distributed for academic research through the Kilts Center at Chicago Booth. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic contagion

Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.

Topic contest-theory

Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.

Topic contract-theory

Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.

Topic coordination

Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.

Topic corporate-bonds

FINRA TRACE: corporate bond transactions (licensed) : TRACE (Trade Reporting and Compliance Engine) is FINRA's facility for secondary-market transaction reporting in US fixed-income securities, primarily corporate bonds. The version used by most academic researchers is the historical Enhanced TRACE file, reached for most researchers through WRDS. It is licensed: this page documents the access path and the gotchas, and the keystone query was exercised through a licensed WRDS session.
IHS Markit bond pricing: composite quotes for corporate bonds (licensed) : The Markit Bond Pricing Database (IHS Markit / S&P Global) provides daily evaluated composite price quotes for individual corporate and other bonds, aggregated from contributing dealers, together with the dealer-count per bond. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Lipper eMAXX fixed-income holdings (licensed) : Lipper eMAXX (LSEG / Refinitiv) is the standard CUSIP-level database of fixed-income holdings for insurers, mutual funds, ETFs, and annuities. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.

Topic corporate-debt

Moody's Ultimate Recovery Database (licensed) : Moody's Ultimate Recovery Database (URD) records firm- and instrument-level creditor recovery rates at the resolution of U.S. corporate defaults. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic corporate-decisions

Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.

Topic corporate-diversification

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.

Topic corporate-finance

Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.
Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.
Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
S&P Capital IQ: company, capital-structure, and transactions data (licensed) : S&P Capital IQ is S&P Global Market Intelligence's platform covering public and private companies worldwide: detailed capital-structure and debt data, company financials, people, M&A and private-equity transactions, and key developments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.

Topic corporate-governance

Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.
Forbes executive compensation surveys : The Forbes annual executive compensation surveys (roughly 1970-1992) are the pre-ExecuComp source of U.S. CEO pay. No maintained machine-readable file exists; researchers reconstruct figures from archived print issues or reuse compiled tables. The modern successor is Compustat ExecuComp (1992, licensed).
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Topic corporate-investment

Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.

Topic corporate-lending

Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.

Topic corporate-loans

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.

Topic cost-of-capital

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.

Topic court-records

LexisNexis court records (licensed) : LexisNexis aggregates U.S. court filings and public records (civil lawsuits, judgments, dockets), the raw material for hand-collected litigation datasets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic courts

Maryland Judiciary Case Search : Maryland's free public court record lookup, why automated access is prohibited (CAPTCHA added March 2022, HTTP 403 to bots), how bulk access via a Public Information Act request works, and the data-use restrictions on individual records.
PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.

Topic covenants

Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.

Topic covid-19

The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.

Topic creative-destruction

Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Topic credit

Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.
FDIC construction-loan servicing records (restricted access) : Loan-level construction-loan servicing data for a single failed bank held by the FDIC: terms, draw requests, on-site inspection reports, and outcomes. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
FR Y-14Q: confidential bank supervisory data (restricted access) : FR Y-14Q is the Federal Reserve's quarterly stress-test data collection from large bank holding companies: loan-level corporate (H.1) and commercial real estate (H.2) records and more. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
IHS Markit CDS: single-name credit default swap spreads (licensed) : Markit CDS (IHS Markit, now S&P Global Market Intelligence) provides daily composite single-name and index credit-default-swap spreads contributed by dealers, across maturities, currencies, seniority, and restructuring clauses. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Indifi FinTech loan application records (India, restricted access) : Loan-level application records from one Indian FinTech lender (Indifi): applications with payment-transaction history, applicant characteristics, credit-bureau data, and outcomes. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Italian Credit Register (Centrale dei Rischi, restricted access) : The Centrale dei Rischi is the Bank of Italy's confidential credit register: firm-bank loan quantities and interest rates above a reporting threshold, alongside the Or.So. bank-board register and supervisory balance-sheet reports. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
LPC DealScan: syndicated-loan data (licensed) : DealScan (LSEG / LPC) is a deal-level database of syndicated and large corporate loans: facility pricing, amounts, maturities, covenants, and lender shares, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Spain CIR: Central de Informacion de Riesgos credit register (restricted access) : The CIR is the Banco de Espana's confidential loan-level credit register covering corporate loans by Spanish banks, with bank supervisory data matched to it. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
STBL: Survey of Terms of Business Lending (restricted access) : The Federal Reserve's Survey of Terms of Business Lending collected loan-level commercial-and-industrial loan terms and internal risk ratings from reporting banks. Aggregates were published (E.2); the loan-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic credit-bureau

Clarity Services: alternative-credit bureau (licensed) : Clarity Services (an Experian company) is a specialty credit bureau for subprime and alternative credit: payday, installment, and other nonprime loan records. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Equifax consumer-credit records (restricted access) : Individual-level consumer credit microdata from Equifax (balances, delinquency, scores, account types), often reached as an anonymized matched panel, plus Equifax payroll-based employment and income verification. It is restricted PII, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.
Equifax traditional credit-bureau data (licensed) : Equifax traditional consumer credit-bureau records (installment and revolving balances, limits, credit scores) obtained under a commercial research licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
TransUnion credit bureau data (Canada, restricted access) : Monthly, population-wide individual credit-bureau records for Canada from TransUnion: borrower characteristics, mortgage identity, switching activity, and inquiries. It is restricted research microdata, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.

Topic credit-cards

Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.

Topic credit-cycles

How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.

Topic credit-markets

FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Moody's Ultimate Recovery Database (licensed) : Moody's Ultimate Recovery Database (URD) records firm- and instrument-level creditor recovery rates at the resolution of U.S. corporate defaults. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Topic credit-pricing

Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.

Topic credit-register

Italian Credit Register (Centrale dei Rischi, restricted access) : The Centrale dei Rischi is the Bank of Italy's confidential credit register: firm-bank loan quantities and interest rates above a reporting threshold, alongside the Or.So. bank-board register and supervisory balance-sheet reports. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
Spain CIR: Central de Informacion de Riesgos credit register (restricted access) : The CIR is the Banco de Espana's confidential loan-level credit register covering corporate loans by Spanish banks, with bank supervisory data matched to it. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Topic credit-risk

Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.

Topic credit-supply

Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.

Topic criminal-justice

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Maryland Judiciary Case Search : Maryland's free public court record lookup, why automated access is prohibited (CAPTCHA added March 2022, HTTP 403 to bots), how bulk access via a Public Information Act request works, and the data-use restrictions on individual records.

Topic criminal-sentencing

Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.

Topic cross-country

IMF International Financial Statistics (IFS) : How to pull cross-country macro and external-sector series from the IMF, including the no-key DataMapper API, the SDMX data portal, and the gotchas that bite pipelines (database moves, units, missing-period gaps).

Topic crowding

Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.

Topic crypto

Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.

Topic cryptocurrency

Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.

Topic csr

Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic cultural-economics

Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Topic cultural-finance

How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.

Topic currency-risk-premia

Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.

Topic cyber-risk

Technology service provider user list (restricted access) : A confidential list identifying which banks used a third-party technology service provider that was the target of a cyberattack, used as a treatment indicator. It is confidential single-source data. This page documents what it is and the gotchas, but it was not exercised here.

Topic cybersecurity

Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.

Topic deal-data

LPC DealScan: syndicated-loan data (licensed) : DealScan (LSEG / LPC) is a deal-level database of syndicated and large corporate loans: facility pricing, amounts, maturities, covenants, and lender shares, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
PitchBook: private-capital and deal data (licensed) : PitchBook (Morningstar) is a deal-level database of venture capital, private equity, and M&A: startups and their funding rounds, investors, valuations, and exits. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic dealer-competition

Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.

Topic dealers

FICC GCF Repo Service data (dealer-level, restricted access) : Dealer-level daily interdealer general-collateral repo and reverse-repo activity by asset class from the FICC GCF Repo Service, licensed through the New York Fed. It is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR 2004C: weekly primary-dealer positions (restricted access) : FR 2004C is the dealer-level detail behind the Federal Reserve Bank of New York's weekly primary-dealer statistics: positions, transactions, and financing in government and other securities. Only aggregates are published; the dealer-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic deals

Bureau van Dijk Zephyr: M&A and deals (licensed) : Bureau van Dijk Zephyr (Moody's) is a global database of M&A, IPO, private-equity, and venture deals, linkable to the Orbis firm universe. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic debt

S&P Capital IQ: company, capital-structure, and transactions data (licensed) : S&P Capital IQ is S&P Global Market Intelligence's platform covering public and private companies worldwide: detailed capital-structure and debt data, company financials, people, M&A and private-equity transactions, and key developments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic debt-collection

LexisNexis court records (licensed) : LexisNexis aggregates U.S. court filings and public records (civil lawsuits, judgments, dockets), the raw material for hand-collected litigation datasets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic debt-covenants

Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic debt-relief

Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.

Topic debt-structure

Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.

Topic decentralized-exchange

Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.

Topic decision-theory

Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.

Topic decision-trees

Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.

Topic default

Moody's Ultimate Recovery Database (licensed) : Moody's Ultimate Recovery Database (URD) records firm- and instrument-level creditor recovery rates at the resolution of U.S. corporate defaults. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic default-effects

Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic default-options

Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.

Topic default-risk

Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.

Topic defense-rd

Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.

Topic defi

Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.

Topic dei

Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.

Topic demographic-transition

Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.

Topic demographics

American Community Survey (ACS) : How to pull American Community Survey estimates from the Census Bureau API (free key) or the no-key bulk files, and the gotchas that bite pipelines (1-year vs 5-year, every estimate has a margin of error, table-code churn, geographies are vintaged, it is a sample not a count).
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
U.S. Census Bureau public data : How to pull U.S. Census Bureau public data products (BDS, QWI, ACS, CBP, population estimates) for free, covering the bulk no-key flat-file path and the api.census.gov API, with the gotchas that bite automated pipelines.

Topic deposit-competition

RateWatch deposit-rate surveys (licensed) : RateWatch (S&P Global Market Intelligence) is the standard branch-level survey of U.S. deposit and CD rates, posted-rate data at weekly frequency. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic deposit-insurance

Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.

Topic deposit-markets

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.

Topic deposit-rates

RateWatch deposit-rate surveys (licensed) : RateWatch (S&P Global Market Intelligence) is the standard branch-level survey of U.S. deposit and CD rates, posted-rate data at weekly frequency. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic deposit-spreads

Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.

Topic deposits

Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
FDIC confidential supervisory and account-level deposit data (restricted access) : Confidential FDIC microdata: account-level deposit balances and transactions for a failed bank, plus supervisory enforcement actions and brokered-deposit waivers. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
FDIC Summary of Deposits (SOD) : How to pull branch-level deposit data from the FDIC Summary of Deposits for free, with no API key, including the headquarters-booking distortion and the other gotchas that bite branch-geography pipelines.

Topic derivatives

Cboe options and volatility data (licensed) : Cboe Global Markets options and volatility data: index and equity option quotes and trades, the VIX and related volatility indices, and historical files via Cboe DataShop. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CFTC Commitments of Traders (COT) : How to pull weekly aggregate futures positions by trader category from the CFTC, including the Traders in Financial Futures report, the no-key history-file download, and the gotchas that bite pipelines.
Markit quanto and cross-currency quotes (licensed) : Markit quanto (cross-currency) derivative quotes from S&P Global (IHS Markit), used to extract the quanto-implied covariance between exchange rates and equity returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.

Topic descriptive

How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.

Topic developing-countries

Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Topic developing-economies

Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic development-economics

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Topic difference-in-differences

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Topic digital-distraction

Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.

Topic digital-markets

Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.

Topic disagreement

Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).

Topic disaster-risk

Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Topic disclosure

Audit Analytics: auditor, disclosure, and restatement data (licensed) : Audit Analytics is the standard database of audit- and disclosure-related corporate events drawn from SEC filings: auditor identity and fees, auditor changes, internal-control opinions, financial-statement restatements, late filings, and litigation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Refinitiv (LSEG) earnings-call transcripts (licensed) : Refinitiv (now LSEG) distributes transcripts of analyst-management conference calls, a standard corpus for textual analysis of disclosure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic discrete-choice

Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.

Topic discrimination

How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Topic disposition-effect

Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.

Topic distress

Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.

Topic diversity

Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.

Topic divestitures

In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.

Topic durable-goods

Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.

Topic dynamic-contracting

Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.

Topic earnings-announcements

Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic earnings-calls

Refinitiv (LSEG) earnings-call transcripts (licensed) : Refinitiv (now LSEG) distributes transcripts of analyst-management conference calls, a standard corpus for textual analysis of disclosure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic earnings-dynamics

Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Topic economic-geography

Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.

Topic economic-history

Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Topic education

Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.

Topic education-economics

Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.

Topic eia

EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.

Topic elections

Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Topic electricity

EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.

Topic elite-colleges

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.

Topic emerging-markets

Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.

Topic emissions

EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.
EPA Supply Chain GHG Emission Factors : How to pull the EPA's NAICS-level supply-chain greenhouse-gas emission factors from the no-key CSV, the with-margins vs without-margins distinction, and the gotchas that bite pipelines (NAICS vintage, USD year, version).

Topic employer-collusion

Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.

Topic employment

Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
InfoUSA / Data Axle business and consumer files (licensed) : Data Axle (formerly InfoUSA) compiles business and consumer reference files: establishment listings with location, industry, and employment, plus consumer household files. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
NETS: National Establishment Time Series (licensed) : NETS (Walls & Associates, from Dun & Bradstreet source data) is an establishment-level panel tracking US establishments annually from the early 1990s: location, industry, employment, sales, and ownership links. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Quarterly Workforce Indicators (QWI) : How to pull Census LEHD Quarterly Workforce Indicators local labor-market statistics free with no key via the LEHD bulk flat files, including the filename scheme, status-flag columns, and the suppression gotchas that bite pipelines.

Topic employment-biographies

IEB: German Integrated Employment Biographies (restricted access) : The Integrated Employment Biographies (IEB) are the German Institute for Employment Research's administrative day-level employment records for the universe of workers covered by social security. They are restricted microdata accessed through the IAB Research Data Centre. This page documents what they are and the gotchas, but they were not exercised here.

Topic employment-polarization

Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.

Topic endogenous-amenities

Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.

Topic energy

EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.
Rystad Energy database (licensed) : Rystad Energy maintains asset-level oil and gas data: production, costs, reserves, and field economics for operators worldwide. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic entrepreneurial-finance

Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.

Topic entrepreneurship

Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.

Topic environmental

EPA Supply Chain GHG Emission Factors : How to pull the EPA's NAICS-level supply-chain greenhouse-gas emission factors from the no-key CSV, the with-margins vs without-margins distinction, and the gotchas that bite pipelines (NAICS vintage, USD year, version).
EPA Toxics Release Inventory (TRI) : Facility-by-chemical annual reports of toxic chemical releases and waste management from the U.S. EPA, with the no-key bulk CSV and Envirofacts REST recipes and the gotchas that bite pipelines.

Topic environmental-economics

Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.

Topic environmental-finance

Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.

Topic equity-indices

FTSE All-Share index constituents and returns (licensed) : FTSE All-Share (FTSE Russell) is the standard investable-universe index for UK equities: membership, market capitalisation, and returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Siblis Research index-constituent data (licensed) : Siblis Research sells historical index addition and deletion dates and constituent market values for the S&P 500, MidCap 400, SmallCap 600, and Nasdaq 100. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic equity-premium

Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).

Topic equity-trading

Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Topic esg

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
EPA Supply Chain GHG Emission Factors : How to pull the EPA's NAICS-level supply-chain greenhouse-gas emission factors from the no-key CSV, the with-margins vs without-margins distinction, and the gotchas that bite pipelines (NAICS vintage, USD year, version).
EPA Toxics Release Inventory (TRI) : Facility-by-chemical annual reports of toxic chemical releases and waste management from the U.S. EPA, with the no-key bulk CSV and Envirofacts REST recipes and the gotchas that bite pipelines.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
KLD / MSCI ESG ratings (licensed) : Firm-level environmental, social, and governance ratings: the historical KLD STATS strength/concern indicators and the successor MSCI ESG (KLD STATS and IVA) ratings, commonly reached through WRDS. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Morningstar fund and sustainability data (licensed) : Morningstar mutual-fund and ETF data: returns, holdings, categories, star ratings, and the Sustainability Rating (globes) and carbon metrics, reached through Morningstar Direct or a data licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
RepRisk: ESG risk-incident data (licensed) : RepRisk is a daily firm-level feed of negative environmental, social, and governance incidents sourced from media and stakeholder reports, scored for severity, reach, and novelty across 28 issue categories. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Trucost: firm-level environmental and carbon data (licensed) : Trucost (S&P Global) is a firm-level environmental panel: scope 1, 2, and 3 greenhouse-gas emissions, intensities, and other environmental metrics, with much of it modeled rather than disclosed. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic establishments

IAB Establishment Panel (restricted access) : The IAB Establishment Panel is an annual representative survey of German establishments covering employment, wages, investment, and business practices. It is restricted microdata accessed through the IAB Research Data Centre. This page documents what it is and the gotchas, but it was not exercised here.
InfoUSA / Data Axle business and consumer files (licensed) : Data Axle (formerly InfoUSA) compiles business and consumer reference files: establishment listings with location, industry, and employment, plus consumer household files. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
NETS: National Establishment Time Series (licensed) : NETS (Walls & Associates, from Dun & Bradstreet source data) is an establishment-level panel tracking US establishments annually from the early 1990s: location, industry, employment, sales, and ownership links. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic euro-area

ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.

Topic event-study

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Topic excess-capacity

Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.

Topic exchange-rates

BIS Effective Exchange Rate Indices (EER) : How to pull the BIS nominal and real effective exchange rate indices from the no-key BIS statistics API, and the gotchas that bite pipelines (real vs nominal, narrow vs broad basket, an up-move means appreciation, the index is rebased not a level).
Consensus Economics forecast surveys (licensed) : Consensus Economics surveys a panel of professional forecasters for cross-country macro and exchange-rate projections at several horizons. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Markit quanto and cross-currency quotes (licensed) : Markit quanto (cross-currency) derivative quotes from S&P Global (IHS Markit), used to extract the quanto-implied covariance between exchange rates and equity returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.

Topic executive-compensation

Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Forbes executive compensation surveys : The Forbes annual executive compensation surveys (roughly 1970-1992) are the pre-ExecuComp source of U.S. CEO pay. No maintained machine-readable file exists; researchers reconstruct figures from archived print issues or reuse compiled tables. The modern successor is Compustat ExecuComp (1992, licensed).
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Topic executives

Ancestry.com death and genealogical records (licensed) : Ancestry.com aggregates death indexes, obituaries, and genealogical records used to date individual births and deaths (for example to build executive mortality panels). It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Getty Images executive photographs (licensed) : Getty Images licenses dated press photographs of executives, the raw material for machine-learning apparent-age and facial measures of CEOs. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic expectations

Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.

Topic experimental

Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.
Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Topic experimental-economics

Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.
Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.
Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.

Topic export-controls

Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Topic expressive-law

Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.

Topic external-sector

IMF International Financial Statistics (IFS) : How to pull cross-country macro and external-sector series from the IMF, including the no-key DataMapper API, the SDMX data portal, and the gotchas that bite pipelines (database moves, units, missing-period gaps).

Topic extrapolation

Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.

Topic extreme-weather

Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.

Topic factor-models

Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.

Topic fair-lending

How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.

Topic fairness

Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.

Topic fed-funds

Confidential federal funds transaction data (restricted access) : Confidential, transaction-level federal funds borrowing and lending records held by the Federal Reserve, beyond what published benchmark rates reveal. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FR 2420: Report of Selected Money Market Rates (restricted access) : FR 2420 is the Federal Reserve's confidential transaction-level collection of money-market rates: federal funds, Eurodollars, and certificates of deposit from banks and FBOs. It underlies published benchmarks but the transaction data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic federal-funding

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.

Topic feedback-effects

Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.

Topic fertility

Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.

Topic field-experiment

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Banorte bank-account panel and savings experiment (Mexico, restricted access) : Individual-level account and transaction records for millions of customers of one Mexican bank (Banorte), plus a randomized savings field experiment run with the bank. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.

Topic financial-accelerator

The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.

Topic financial-constraints

Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.

Topic financial-contracting

Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.

Topic financial-crises

Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.

Topic financial-crisis

Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.

Topic financial-education

Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic financial-frictions

Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.

Topic financial-inclusion

FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.

Topic financial-intermediation

Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.

Topic financial-markets

Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.

Topic financial-regulation

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.

Topic financial-stability

Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.

Topic financial-statements

Orbis (Bureau van Dijk): global firm financials and ownership (licensed) : Orbis (Bureau van Dijk / Moody's Analytics) is a global firm-level database covering financial statements, ownership and corporate-structure links, and firm identifiers for public and private companies across countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic financing-rounds

VentureSource venture-capital data (licensed) : VentureSource (Dow Jones / CB Insights) tracks venture-capital funds, financing rounds, valuations, and startup locations. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic fintech

Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
Indifi FinTech loan application records (India, restricted access) : Loan-level application records from one Indian FinTech lender (Indifi): applications with payment-transaction history, applicant characteristics, credit-bureau data, and outcomes. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
StockTwits social-media messages (licensed) : StockTwits is a finance-focused social platform whose ticker-tagged messages, often self-labeled bullish or bearish, are used as a retail-sentiment signal. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic firm-dynamics

Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Topic firm-financials

Cerved: Italian company financials (licensed) : Cerved (Cerved Group) provides balance-sheet, income-statement, and credit information for Italian incorporated companies, including private firms. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
FEK: Swedish Structural Business Statistics (restricted access) : FEK is Statistics Sweden's firm-level structural business statistics: employment, payroll, productivity, and balance-sheet items for Swedish firms. It is restricted administrative microdata accessed in SCB's secure environment. This page documents what it is and the gotchas, but it was not exercised here.
INSEE firm tax and accounting files (restricted access) : The French firm tax and accounting files (the BIC/FICUS-FARE lineage) are administrative firm-level balance sheets and income statements compiled by INSEE from DGFiP tax filings. They are restricted administrative microdata reached through the CASD secure data centre. This page documents what they are and the gotchas, but they were not exercised here.

Topic firm-financing

Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.

Topic firm-heterogeneity

The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.

Topic firm-level

KLD / MSCI ESG ratings (licensed) : Firm-level environmental, social, and governance ratings: the historical KLD STATS strength/concern indicators and the successor MSCI ESG (KLD STATS and IVA) ratings, commonly reached through WRDS. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Rystad Energy database (licensed) : Rystad Energy maintains asset-level oil and gas data: production, costs, reserves, and field economics for operators worldwide. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic firm-life-cycle

Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.

Topic firm-ownership

Bureau van Dijk Zephyr: M&A and deals (licensed) : Bureau van Dijk Zephyr (Moody's) is a global database of M&A, IPO, private-equity, and venture deals, linkable to the Orbis firm universe. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic firm-performance

Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic firm-real-outcomes

Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.

Topic firm-similarity

TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).

Topic firm-structure

Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.

Topic firms

NETS: National Establishment Time Series (licensed) : NETS (Walls & Associates, from Dun & Bradstreet source data) is an establishment-level panel tracking US establishments annually from the early 1990s: location, industry, employment, sales, and ownership links. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Orbis (Bureau van Dijk): global firm financials and ownership (licensed) : Orbis (Bureau van Dijk / Moody's Analytics) is a global firm-level database covering financial statements, ownership and corporate-structure links, and firm identifiers for public and private companies across countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Quarterly Workforce Indicators (QWI) : How to pull Census LEHD Quarterly Workforce Indicators local labor-market statistics free with no key via the LEHD bulk flat files, including the filename scheme, status-flag columns, and the suppression gotchas that bite pipelines.
U.S. Census Bureau public data : How to pull U.S. Census Bureau public data products (BDS, QWI, ACS, CBP, population estimates) for free, covering the bulk no-key flat-file path and the api.census.gov API, with the gotchas that bite automated pipelines.

Topic fiscal-federalism

Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.

Topic fiscal-policy

Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.

Topic fixed-income

Bloomberg: terminal market data (licensed) : Bloomberg (Bloomberg L.P.) is a market-data terminal and data-feed service covering spot and forward FX, money-market and OIS rates, futures, government and corporate bond yields, inflation swaps, equities, and derived analytics, retrieved by Bloomberg ticker and field. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
FINRA TRACE: corporate bond transactions (licensed) : TRACE (Trade Reporting and Compliance Engine) is FINRA's facility for secondary-market transaction reporting in US fixed-income securities, primarily corporate bonds. The version used by most academic researchers is the historical Enhanced TRACE file, reached for most researchers through WRDS. It is licensed: this page documents the access path and the gotchas, and the keystone query was exercised through a licensed WRDS session.
FR 2004C: weekly primary-dealer positions (restricted access) : FR 2004C is the dealer-level detail behind the Federal Reserve Bank of New York's weekly primary-dealer statistics: positions, transactions, and financing in government and other securities. Only aggregates are published; the dealer-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
IHS Markit bond pricing: composite quotes for corporate bonds (licensed) : The Markit Bond Pricing Database (IHS Markit / S&P Global) provides daily evaluated composite price quotes for individual corporate and other bonds, aggregated from contributing dealers, together with the dealer-count per bond. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Lipper eMAXX fixed-income holdings (licensed) : Lipper eMAXX (LSEG / Refinitiv) is the standard CUSIP-level database of fixed-income holdings for insurers, mutual funds, ETFs, and annuities. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.

Topic flight-to-safety

The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.

Topic floor-trading

Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.

Topic forecasting

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).

Topic forecasts

Blue Chip Financial Forecasts (licensed) : Blue Chip Financial Forecasts (Wolters Kluwer) is a monthly survey of professional forecasters' interest-rate and macro projections, widely used to measure forecast consensus and dispersion. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Consensus Economics forecast surveys (licensed) : Consensus Economics surveys a panel of professional forecasters for cross-country macro and exchange-rate projections at several horizons. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic foreclosure

Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic foreign-exchange

Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic forward-guidance

The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.

Topic france

INSEE DADS: French matched employer-employee data (restricted access) : DADS is the French administrative matched employer-employee dataset: annual social declarations linking workers to establishments, with earnings, occupation, and hours. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.
INSEE firm tax and accounting files (restricted access) : The French firm tax and accounting files (the BIC/FICUS-FARE lineage) are administrative firm-level balance sheets and income statements compiled by INSEE from DGFiP tax filings. They are restricted administrative microdata reached through the CASD secure data centre. This page documents what they are and the gotchas, but they were not exercised here.
INSEE LIFI: French inter-firm ownership links (restricted access) : LIFI is INSEE's administrative determination of business-group structure in France: which firms control which, used to assemble corporate groups from ownership links. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.

Topic fraud

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.

Topic french-revolution

Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.

Topic frictions

What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic full-text

NBER Working Papers : How to pull NBER working paper metadata and full-text PDFs with no API key: the undocumented listing API, the predictable PDF path, and the gotchas that bite pipelines (copyright/redistribution, gated subset, undocumented API, displaydate strings, working-paper numbering).

Topic fund-behavior

Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.

Topic fund-data

Crane Data: money market fund holdings and assets (licensed) : Crane Data LLC is a money-market-fund (MMF) data service covering monthly fund-level total net assets, yields, and portfolio holdings (instrument type, issuer, maturity) for US money-market funds. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic fund-flows

Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.

Topic funding

Crunchbase: startup and funding data (licensed) : Crunchbase is a commercial database of startups, funding rounds, investors, and company characteristics. A limited free tier exists, but research-grade bulk access is licensed. This page documents the access path and the gotchas, but the data was not exercised here.
DTCC commercial paper transaction data (restricted access) : Transaction-level commercial paper issuance records (issuer, volume, rate, maturity) from DTCC, used in money-market and bank-funding research. It is confidential, not an off-the-shelf feed. This page documents what it is and the gotchas, but it was not exercised here.
FR 2052a: Complex Institution Liquidity Monitoring Report (restricted access) : FR 2052a is the Federal Reserve's confidential liquidity-monitoring collection from large banking organizations: daily and monthly cash inflows and outflows by counterparty, product, and maturity. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.

Topic funds

Morningstar fund and sustainability data (licensed) : Morningstar mutual-fund and ETF data: returns, holdings, categories, star ratings, and the Sustainability Rating (globes) and carbon metrics, reached through Morningstar Direct or a data licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic futures

CFTC Commitments of Traders (COT) : How to pull weekly aggregate futures positions by trader category from the CFTC, including the Traders in Financial Futures report, the no-key history-file download, and the gotchas that bite pipelines.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.

Topic gains-from-trade

Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).

Topic game-theory

Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.
Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.

Topic gender

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Topic gender-discrimination

Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.

Topic gender-gap

Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.

Topic general-equilibrium

Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.

Topic geoeconomics

Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Topic geographic-lending

Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.

Topic geography

Dartmouth Atlas of Health Care : How to pull the Dartmouth Atlas ZIP-to-HSA-to-HRR geographic crosswalk and regional health-care utilization measures from the no-key data downloads, and the gotchas that bite pipelines (HSA/HRR are care markets not Census geographies, the crosswalk vintage matters, utilization is age-sex-adjusted).
Facebook Social Connectedness Index (SCI) : How to pull Meta's Social Connectedness Index (SCI) as no-key bulk CSVs from the Humanitarian Data Exchange, plus the gotchas that bite pipelines (it is a rescaled relative measure not a count, symmetric with both directions stored, the diagonal dominates, and region codes differ by file).
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.

Topic geopolitics

Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Topic germany

Bilendi commissioned online survey (Germany, restricted access) : An author-commissioned representative online survey of Germans, fielded through the panel provider Bilendi, with individual-level responses on attitudes and financial behavior. It is a bespoke confidential collection, not an off-the-shelf product. This page documents what it is and the gotchas, but it was not exercised here.
German bank proprietary customer data (restricted access) : Individual-level customer records (product holdings, wealth, income, equity participation) from one anonymous German bank, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
German online broker retail investor data (restricted access) : Individual-level holdings, trades, and returns for retail investors at one anonymous German online broker, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
IAB Establishment Panel (restricted access) : The IAB Establishment Panel is an annual representative survey of German establishments covering employment, wages, investment, and business practices. It is restricted microdata accessed through the IAB Research Data Centre. This page documents what it is and the gotchas, but it was not exercised here.
IEB: German Integrated Employment Biographies (restricted access) : The Integrated Employment Biographies (IEB) are the German Institute for Employment Research's administrative day-level employment records for the universe of workers covered by social security. They are restricted microdata accessed through the IAB Research Data Centre. This page documents what they are and the gotchas, but they were not exercised here.

Topic governance

IRS Form 990 (Nonprofit Returns) : How to pull IRS Form 990 nonprofit information returns free with no key via the e-file index on apps.irs.gov, including officer compensation, board composition, and organization financials, plus the gotchas that bite pipelines.

Topic government

Federal Register : The daily journal of U.S. federal agency Rules, Proposed Rules, and Notices, with full text from 1994 via the federalregister.gov API. Covers the no-key access recipe and the gotchas that bite pipelines.

Topic gravity

Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.

Topic great-depression

Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.

Topic green-innovation

Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.

Topic greenwashing

Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.

Topic hand-collected

Ancestry.com death and genealogical records (licensed) : Ancestry.com aggregates death indexes, obituaries, and genealogical records used to date individual births and deaths (for example to build executive mortality panels). It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic hank

Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.

Topic health-economics

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Topic health-insurance

Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.

Topic health-outcomes

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.

Topic healthcare

AHA Annual Survey Database (licensed) : The American Hospital Association Annual Survey Database tracks U.S. hospital services, operations, beds, staffing, and system affiliation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CMS Hospital Quality & Patient-Outcome Metrics (Care Compare) : How to pull CMS hospital quality measures (mortality, readmissions, complications, HCAHPS patient satisfaction) from the no-key Provider Data Catalog API, and the gotchas that bite pipelines (risk-adjusted not raw, suppressed small cells, measures and vintages change, footnote codes).
Dartmouth Atlas of Health Care : How to pull the Dartmouth Atlas ZIP-to-HSA-to-HRR geographic crosswalk and regional health-care utilization measures from the no-key data downloads, and the gotchas that bite pipelines (HSA/HRR are care markets not Census geographies, the crosswalk vintage matters, utilization is age-sex-adjusted).
HCRIS (Medicare Hospital Cost Reports, CMS) : How to pull hospital cost-report data from CMS HCRIS, including the no-key bulk download, the flat-file worksheet layout, and the gotchas that bite pipelines (form versions, alpha/numeric files, fiscal-year boundaries).

Topic healthcare-policy

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.

Topic hedge-fund-activism

Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.

Topic hedge-funds

Preqin: private-capital and hedge-fund data (licensed) : Preqin is a fund-level database of private capital (private equity, venture, private debt, real assets) and hedge funds: fund sizes, vintages, returns, cash flows, and limited-partner commitments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic heterogeneous-agents

Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.

Topic heterogeneous-beliefs

Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).

Topic high-frequency

Eurodollar futures intraday prices (licensed) : Intraday (tick) Eurodollar futures prices from CME Group, the standard instrument for high-frequency monetary-policy-surprise identification around FOMC announcements. Daily settlements are public; the intraday windows are licensed. This page documents the access path and the gotchas, but the data was not exercised here.

Topic higher-education

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.

Topic hiring

Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.

Topic historical

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Barro-Ursua macroeconomic database : The Barro-Ursua database is a long-run cross-country panel of annual real per-capita GDP and consumption, assembled to study macroeconomic disasters. It is a free academic dataset; the canonical host blocked automated fetches from this session, so the download was not exercised here.
Forbes executive compensation surveys : The Forbes annual executive compensation surveys (roughly 1970-1992) are the pre-ExecuComp source of U.S. CEO pay. No maintained machine-readable file exists; researchers reconstruct figures from archived print issues or reuse compiled tables. The modern successor is Compustat ExecuComp (1992, licensed).
Global Financial Data (GFD): long-run cross-country series (licensed) : Global Financial Data is a commercial vendor of long-run historical stock, bond, commodity, and macroeconomic series spanning many countries and centuries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.

Topic historical-economics

Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.

Topic historical-finance

Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).

Topic hiv-aids

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.

Topic holdings

Form N-MFP (Money Market Fund Holdings) : How to pull SEC Form N-MFP monthly money market fund portfolio holdings free with no key via EDGAR full-text search and the Archives endpoint, plus the gotchas around schema versioning, multi-series filers, and the User-Agent requirement.
Morningstar fund and sustainability data (licensed) : Morningstar mutual-fund and ETF data: returns, holdings, categories, star ratings, and the Sustainability Rating (globes) and carbon metrics, reached through Morningstar Direct or a data licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SLI private meeting notes and fund records (restricted access) : Internal records of one asset manager (Standard Life Investments / abrdn): private-meeting notes, analyst ratings and recommendations, fund holdings, and daily trades. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
VPS: Norwegian securities depository holdings (restricted access) : VPS is the Norwegian central securities depository; its records give complete individual-level securities holdings for Norwegian investors. It is restricted research microdata. This page documents what it is and the gotchas, but it was not exercised here.

Topic hospitals

AHA Annual Survey Database (licensed) : The American Hospital Association Annual Survey Database tracks U.S. hospital services, operations, beds, staffing, and system affiliation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CMS Hospital Quality & Patient-Outcome Metrics (Care Compare) : How to pull CMS hospital quality measures (mortality, readmissions, complications, HCAHPS patient satisfaction) from the no-key Provider Data Catalog API, and the gotchas that bite pipelines (risk-adjusted not raw, suppressed small cells, measures and vintages change, footnote codes).
Dartmouth Atlas of Health Care : How to pull the Dartmouth Atlas ZIP-to-HSA-to-HRR geographic crosswalk and regional health-care utilization measures from the no-key data downloads, and the gotchas that bite pipelines (HSA/HRR are care markets not Census geographies, the crosswalk vintage matters, utilization is age-sex-adjusted).
HCRIS (Medicare Hospital Cost Reports, CMS) : How to pull hospital cost-report data from CMS HCRIS, including the no-key bulk download, the flat-file worksheet layout, and the gotchas that bite pipelines (form versions, alpha/numeric files, fiscal-year boundaries).

Topic household

Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.

Topic household-economics

Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).

Topic household-finance

401(k) plan administrative records (restricted access) : Plan-administration microdata from a large U.S. retirement-plan recordkeeper: participant portfolio allocations, participation, contribution rates, and plan defaults across many plans. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Banorte bank-account panel and savings experiment (Mexico, restricted access) : Individual-level account and transaction records for millions of customers of one Mexican bank (Banorte), plus a randomized savings field experiment run with the bank. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Bilendi commissioned online survey (Germany, restricted access) : An author-commissioned representative online survey of Germans, fielded through the panel provider Bilendi, with individual-level responses on attitudes and financial behavior. It is a bespoke confidential collection, not an off-the-shelf product. This page documents what it is and the gotchas, but it was not exercised here.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Equifax consumer-credit records (restricted access) : Individual-level consumer credit microdata from Equifax (balances, delinquency, scores, account types), often reached as an anonymized matched panel, plus Equifax payroll-based employment and income verification. It is restricted PII, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.
Equifax traditional credit-bureau data (licensed) : Equifax traditional consumer credit-bureau records (installment and revolving balances, limits, credit scores) obtained under a commercial research licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
German bank proprietary customer data (restricted access) : Individual-level customer records (product holdings, wealth, income, equity participation) from one anonymous German bank, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
German online broker retail investor data (restricted access) : Individual-level holdings, trades, and returns for retail investors at one anonymous German online broker, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
LexisNexis court records (licensed) : LexisNexis aggregates U.S. court filings and public records (civil lawsuits, judgments, dockets), the raw material for hand-collected litigation datasets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Optimal Blue mortgage rate-lock data (licensed) : Optimal Blue captures mortgage rate-lock agreements and real-time lender offer distributions from its pricing-engine platform, a near-real-time view of locked rates and the offers borrowers could have gotten. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
VPS: Norwegian securities depository holdings (restricted access) : VPS is the Norwegian central securities depository; its records give complete individual-level securities holdings for Norwegian investors. It is restricted research microdata. This page documents what it is and the gotchas, but it was not exercised here.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic housing-markets

Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.

Topic human-capital

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Topic hurricanes

Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.

Topic identification

Eurodollar futures intraday prices (licensed) : Intraday (tick) Eurodollar futures prices from CME Group, the standard instrument for high-frequency monetary-policy-surprise identification around FOMC announcements. Daily settlements are public; the intraday windows are licensed. This page documents the access path and the gotchas, but the data was not exercised here.

Topic ideology

Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Topic images

Getty Images executive photographs (licensed) : Getty Images licenses dated press photographs of executives, the raw material for machine-learning apparent-age and facial measures of CEOs. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic immigration

Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.

Topic immiseration

Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.

Topic impact-investing

Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.

Topic implied-volatility

Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.

Topic incentives

Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.

Topic income

LISA: Swedish longitudinal population register (restricted access) : LISA is Statistics Sweden's individual-level longitudinal register covering the entire resident population: annual labor-market, income, transfer, education, and family records, with the Wealth Register accessed under the same terms. It is restricted administrative microdata. This page documents what it is and the gotchas, but it was not exercised here.
SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.
Statistics Norway administrative registers (restricted access) : Statistics Norway (SSB) maintains linked individual- and firm-level administrative registers: demographics, income, wealth, and balance sheets from tax records. Aggregate tables are public; the linked microdata is restricted. This page documents what it is and the gotchas, but the microdata was not exercised here.

Topic income-mobility

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.

Topic incumbency-advantage

Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.

Topic index-constituents

FTSE All-Share index constituents and returns (licensed) : FTSE All-Share (FTSE Russell) is the standard investable-universe index for UK equities: membership, market capitalisation, and returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Siblis Research index-constituent data (licensed) : Siblis Research sells historical index addition and deletion dates and constituent market values for the S&P 500, MidCap 400, SmallCap 600, and Nasdaq 100. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic index-funds

The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.

Topic index-reconstitution

Siblis Research index-constituent data (licensed) : Siblis Research sells historical index addition and deletion dates and constituent market values for the S&P 500, MidCap 400, SmallCap 600, and Nasdaq 100. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic india

Indifi FinTech loan application records (India, restricted access) : Loan-level application records from one Indian FinTech lender (Indifi): applications with payment-transaction history, applicant characteristics, credit-bureau data, and outcomes. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.

Topic indices

MSCI Real Estate (IPD): property indices and yields (licensed) : MSCI Real Estate (formerly IPD) provides property total-return indices and rental-yield benchmarks across countries and sectors, built from appraised institutional portfolios. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic individual-records

Ancestry.com death and genealogical records (licensed) : Ancestry.com aggregates death indexes, obituaries, and genealogical records used to date individual births and deaths (for example to build executive mortality panels). It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic industrial-organization

Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.

Topic industrial-policy

Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).

Topic industrial-pollution

Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.

Topic industry

BEA Input-Output Accounts : How to pull the BEA Input-Output Accounts (Use, Make/Supply, and Requirements tables) for free with a registered API key, the table IDs you actually need to build upstreamness and production-network measures, and the gotchas that bite pipelines.
EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.

Topic industry-classification

TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).

Topic industry-data

NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.

Topic inequality

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.

Topic inference

Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.

Topic inflation

Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.

Topic information-acquisition

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.

Topic information-asymmetry

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.

Topic information-design

Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.

Topic information-economics

Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Topic information-effect

The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.

Topic information-effects

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).

Topic infrastructure

Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.

Topic inheritance

Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.

Topic innovation

Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.

Topic innovation-policy

Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.

Topic insider-trading

Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.

Topic insolvency

Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.

Topic institutional-ownership

Lipper eMAXX fixed-income holdings (licensed) : Lipper eMAXX (LSEG / Refinitiv) is the standard CUSIP-level database of fixed-income holdings for insurers, mutual funds, ETFs, and annuities. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic instrument

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.

Topic instrumental-variables

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic insurance

Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.

Topic intangible-capital

Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.

Topic interbank

Confidential federal funds transaction data (restricted access) : Confidential, transaction-level federal funds borrowing and lending records held by the Federal Reserve, beyond what published benchmark rates reveal. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Fedwire Funds Service: payment-level transaction data (restricted access) : Fedwire transaction data is the Federal Reserve's confidential record of real-time gross-settlement interbank payments: sender, receiver, value, and timestamp. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.

Topic interest-rate-futures

Eurodollar futures intraday prices (licensed) : Intraday (tick) Eurodollar futures prices from CME Group, the standard instrument for high-frequency monetary-policy-surprise identification around FOMC announcements. Daily settlements are public; the intraday windows are licensed. This page documents the access path and the gotchas, but the data was not exercised here.

Topic interest-rates

Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Blue Chip Financial Forecasts (licensed) : Blue Chip Financial Forecasts (Wolters Kluwer) is a monthly survey of professional forecasters' interest-rate and macro projections, widely used to measure forecast consensus and dispersion. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic intergenerational-transfers

Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Topic interlocking-directorates

Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.

Topic intermediary-asset-pricing

Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic international

BIS Effective Exchange Rate Indices (EER) : How to pull the BIS nominal and real effective exchange rate indices from the no-key BIS statistics API, and the gotchas that bite pipelines (real vs nominal, narrow vs broad basket, an up-move means appreciation, the index is rebased not a level).
Compustat Global: non-US company fundamentals (licensed) : Compustat Global is S&P Global Market Intelligence's database of fundamental and market data for publicly traded companies outside North America, standardized into a common data model for cross-country comparison. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Global Financial Data (GFD): long-run cross-country series (licensed) : Global Financial Data is a commercial vendor of long-run historical stock, bond, commodity, and macroeconomic series spanning many countries and centuries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
MSCI Real Estate (IPD): property indices and yields (licensed) : MSCI Real Estate (formerly IPD) provides property total-return indices and rental-yield benchmarks across countries and sectors, built from appraised institutional portfolios. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Refinitiv Datastream: global time-series of prices and macro series (licensed) : Datastream is Refinitiv's (LSEG) historical financial time-series database covering equities, bonds, commodities, indices, exchange rates, interest rates, options/futures, and a large library of macroeconomic series across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Refinitiv Worldscope: global company fundamentals (licensed) : Worldscope is Refinitiv (LSEG) global database of standardized company fundamentals (balance sheet, income statement, cash flow, ratios, per-share data) and descriptive information for public companies across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.

Topic international-finance

Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.

Topic international-trade

Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.

Topic investment

Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.

Topic investor-beliefs

Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.

Topic investor-composition

Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.

Topic investor-demand

Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.

Topic investor-horizon

Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.

Topic ipo

Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.

Topic italy

Cerved: Italian company financials (licensed) : Cerved (Cerved Group) provides balance-sheet, income-statement, and credit information for Italian incorporated companies, including private firms. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Italian Credit Register (Centrale dei Rischi, restricted access) : The Centrale dei Rischi is the Bank of Italy's confidential credit register: firm-bank loan quantities and interest rates above a reporting threshold, alongside the Or.So. bank-board register and supervisory balance-sheet reports. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Topic job-ads

Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.

Topic job-loss

Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Topic judicial-decision-making

Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.

Topic labor

American Community Survey (ACS) : How to pull American Community Survey estimates from the Census Bureau API (free key) or the no-key bulk files, and the gotchas that bite pipelines (1-year vs 5-year, every estimate has a margin of error, table-code churn, geographies are vintaged, it is a sample not a count).
Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
IEB: German Integrated Employment Biographies (restricted access) : The Integrated Employment Biographies (IEB) are the German Institute for Employment Research's administrative day-level employment records for the universe of workers covered by social security. They are restricted microdata accessed through the IAB Research Data Centre. This page documents what they are and the gotchas, but they were not exercised here.
INSEE DADS: French matched employer-employee data (restricted access) : DADS is the French administrative matched employer-employee dataset: annual social declarations linking workers to establishments, with earnings, occupation, and hours. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.
LISA: Swedish longitudinal population register (restricted access) : LISA is Statistics Sweden's individual-level longitudinal register covering the entire resident population: annual labor-market, income, transfer, education, and family records, with the Wealth Register accessed under the same terms. It is restricted administrative microdata. This page documents what it is and the gotchas, but it was not exercised here.
Quarterly Workforce Indicators (QWI) : How to pull Census LEHD Quarterly Workforce Indicators local labor-market statistics free with no key via the LEHD bulk flat files, including the filename scheme, status-flag columns, and the suppression gotchas that bite pipelines.
SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.

Topic labor-careers-health

Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Topic labor-economics

Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.
Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic labor-investment

Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.

Topic labor-markets

Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Topic labor-supply

Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic lasso

Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.

Topic law-and-economics

Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.

Topic law-economics

Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.

Topic le-chatelier

Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.

Topic legal

Maryland Judiciary Case Search : Maryland's free public court record lookup, why automated access is prohibited (CAPTCHA added March 2022, HTTP 403 to bots), how bulk access via a Public Information Act request works, and the data-use restrictions on individual records.
PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.

Topic legal-environment

Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.

Topic lender-control

Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic lender-screening

Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.

Topic lending

CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Indifi FinTech loan application records (India, restricted access) : Loan-level application records from one Indian FinTech lender (Indifi): applications with payment-transaction history, applicant characteristics, credit-bureau data, and outcomes. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
NMLS Mortgage Call Report (company-level, restricted access) : The NMLS Mortgage Call Report collects loan-origination and financial-condition data from state-licensed mortgage companies. Aggregate statistics are published; the company-level data used in research is restricted. This page documents what it is and the gotchas, but it was not exercised here.
SBA 7(a) and 504 loan data (FOIA) : How to download and work with the U.S. Small Business Administration's loan-level FOIA datasets for the 7(a) and 504/CDC programs, including the CKAN portal, direct CSV access, and the gotchas that bite pipelines.

Topic lending-relationships

Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).

Topic leverage

China shadow-margin lending data (single provider, restricted access) : Daily stock-level off-exchange ("shadow") margin balances from one large Chinese lending platform, used to study the 2015 boom and bust. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).

Topic libor-sofr

Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.

Topic licensing

NMLS Consumer Access : NMLS Consumer Access is a free per-record lookup for licensed mortgage loan originators and companies, but the Terms of Use forbid bulk or automated copying and there is no free bulk feed. Paid NMLS B2B Access is the only legitimate programmatic path for panel data.

Topic life-cycle

Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic life-insurance

Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.

Topic limits-to-arbitrage

Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic linear-probability-model

Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.

Topic liquidity

Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Federal Reserve discount window lending (restricted access) : Loan-level records of Federal Reserve discount window borrowing (primary credit and related facilities). Contemporaneous borrower-level data is confidential; transaction details are released only with a statutory lag. This page documents what it is and the gotchas, but it was not exercised here.
FR 2052a: Complex Institution Liquidity Monitoring Report (restricted access) : FR 2052a is the Federal Reserve's confidential liquidity-monitoring collection from large banking organizations: daily and monthly cash inflows and outflows by counterparty, product, and maturity. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.

Topic liquidity-provision

Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.

Topic litigation

LexisNexis court records (licensed) : LexisNexis aggregates U.S. court filings and public records (civil lawsuits, judgments, dockets), the raw material for hand-collected litigation datasets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic loan-data

SBA 7(a) and 504 loan data (FOIA) : How to download and work with the U.S. Small Business Administration's loan-level FOIA datasets for the 7(a) and 504/CDC programs, including the CKAN portal, direct CSV access, and the gotchas that bite pipelines.

Topic loan-level

Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.

Topic loan-loss-provision

Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.

Topic local-projections

Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.

Topic logit-regression

Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.

Topic machine-learning

CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Getty Images executive photographs (licensed) : Getty Images licenses dated press photographs of executives, the raw material for machine-learning apparent-age and facial measures of CEOs. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.

Topic macro-finance

Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.

Topic macroeconomic-expectations

Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.

Topic macroeconomics

Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.

Topic managerial-ability

Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.

Topic managerial-capital

Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic manufacturing

NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.

Topic margin

China shadow-margin lending data (single provider, restricted access) : Daily stock-level off-exchange ("shadow") margin balances from one large Chinese lending platform, used to study the 2015 boom and bust. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.

Topic market

CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).

Topic market-concentration

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.

Topic market-data

SteelBenchmarker steel price index (licensed) : SteelBenchmarker publishes biweekly reference prices for hot-rolled band, cold-rolled coil, scrap, and other steel products. Current spot reports are free, but the full historical product-level series is a subscription product. This page documents the access path and the gotchas; the series was not exercised here.
Titlon Oslo Stock Exchange data (licensed) : Titlon is the University of Tromso's financial database for the Oslo Stock Exchange: prices, returns, shares outstanding, and accounting data for Nordic listed firms. It is free to Nordic academic users but credential-gated, not openly public; this page documents the access path and the gotchas, and the data was not exercised here.

Topic market-design

Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Topic market-integration

Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.

Topic market-liquidity

OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.

Topic market-microstructure

Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
NYSE TAQ: trade and quote microstructure data (licensed) : NYSE TAQ (Trade and Quote) is a tick-level database of intraday trades and quotes for all US-listed equities on the consolidated tape, covering two lineages: Monthly TAQ (1993 onward) and Daily TAQ (millisecond to nanosecond stamps, 2003/2014+), reached by most academics through WRDS. It is licensed: the access path was exercised through a licensed WRDS session.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.
Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Topic market-power

Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.

Topic market-regulation

Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.

Topic market-structure

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Topic market-timing

Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.

Topic marketing-data

InfoUSA / Data Axle business and consumer files (licensed) : Data Axle (formerly InfoUSA) compiles business and consumer reference files: establishment listings with location, industry, and employment, plus consumer household files. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic markets

Bloomberg: terminal market data (licensed) : Bloomberg (Bloomberg L.P.) is a market-data terminal and data-feed service covering spot and forward FX, money-market and OIS rates, futures, government and corporate bond yields, inflation swaps, equities, and derived analytics, retrieved by Bloomberg ticker and field. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic markups

Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.

Topic marriage-markets

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Topic matched-employer-employee

INSEE DADS: French matched employer-employee data (restricted access) : DADS is the French administrative matched employer-employee dataset: annual social declarations linking workers to establishments, with earnings, occupation, and hours. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.

Topic matching

Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Topic measurement

Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.

Topic mechanism-design

Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.
Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.

Topic media-archive

New York Times article archive (licensed) : The full-text New York Times archive (back to 1851) is a long, consistent news corpus used for text-as-data measures of sentiment, attention, and discourse. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic media-bias

Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.

Topic media-economics

Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.

Topic medicare

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.

Topic memory-bias

Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.

Topic mergers-acquisitions

Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Bureau van Dijk Zephyr: M&A and deals (licensed) : Bureau van Dijk Zephyr (Moody's) is a global database of M&A, IPO, private-equity, and venture deals, linkable to the Orbis firm universe. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.

Topic mergers-and-acquisitions

Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
SDC Platinum: M&A and new-issues deal data (licensed) : SDC Platinum is the standard deal-level database of mergers and acquisitions and new security issues (IPOs, SEOs, debt), assembled by LSEG / Refinitiv. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic metadata

NBER Working Papers : How to pull NBER working paper metadata and full-text PDFs with no API key: the undocumented listing API, the predictable PDF path, and the gotchas that bite pipelines (copyright/redistribution, gated subset, undocumented API, displaydate strings, working-paper numbering).

Topic mexico

Banorte bank-account panel and savings experiment (Mexico, restricted access) : Individual-level account and transaction records for millions of customers of one Mexican bank (Banorte), plus a randomized savings field experiment run with the bank. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.

Topic micro

NielsenIQ retail scanner and consumer panel (licensed) : NielsenIQ retail scanner and Homescan consumer-panel data, distributed for academic research through the Kilts Center at Chicago Booth. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic microdata

CoreLogic: property and housing microdata (licensed) : CoreLogic (Cotality) is a US property database: deed transactions, tax and assessor records, repeat-sales house-price indices, and foreclosure data at the property and zip-code level. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
FHA single-family mortgage data : HUD publishes public aggregate data on FHA-insured single-family mortgages, but the loan-level origination-and-performance microdata used in default research is restricted administrative data. This page documents both and the gotchas; the restricted file was not exercised here.
HCRIS (Medicare Hospital Cost Reports, CMS) : How to pull hospital cost-report data from CMS HCRIS, including the no-key bulk download, the flat-file worksheet layout, and the gotchas that bite pipelines (form versions, alpha/numeric files, fiscal-year boundaries).
NSMO: National Survey of Mortgage Originations : How to access the NSMO public-use file from FHFA, covering borrower shopping behavior, mortgage knowledge, and satisfaction linked to administrative credit and servicing data, plus the gotchas that bite pipelines working with survey-weighted microdata.

Topic migration

Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Topic military-service

Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Topic minimum-wage

Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Topic misallocation

When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.

Topic monetary-economics

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).

Topic monetary-policy

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.
Eurodollar futures intraday prices (licensed) : Intraday (tick) Eurodollar futures prices from CME Group, the standard instrument for high-frequency monetary-policy-surprise identification around FOMC announcements. Daily settlements are public; the intraday windows are licensed. This page documents the access path and the gotchas, but the data was not exercised here.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic money-market-funds

Crane Data: money market fund holdings and assets (licensed) : Crane Data LLC is a money-market-fund (MMF) data service covering monthly fund-level total net assets, yields, and portfolio holdings (instrument type, issuer, maturity) for US money-market funds. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Form N-MFP (Money Market Fund Holdings) : How to pull SEC Form N-MFP monthly money market fund portfolio holdings free with no key via EDGAR full-text search and the Archives endpoint, plus the gotchas around schema versioning, multi-series filers, and the User-Agent requirement.

Topic money-markets

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Confidential federal funds transaction data (restricted access) : Confidential, transaction-level federal funds borrowing and lending records held by the Federal Reserve, beyond what published benchmark rates reveal. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
DTCC commercial paper transaction data (restricted access) : Transaction-level commercial paper issuance records (issuer, volume, rate, maturity) from DTCC, used in money-market and bank-funding research. It is confidential, not an off-the-shelf feed. This page documents what it is and the gotchas, but it was not exercised here.
FICC GCF Repo Service data (dealer-level, restricted access) : Dealer-level daily interdealer general-collateral repo and reverse-repo activity by asset class from the FICC GCF Repo Service, licensed through the New York Fed. It is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR 2420: Report of Selected Money Market Rates (restricted access) : FR 2420 is the Federal Reserve's confidential transaction-level collection of money-market rates: federal funds, Eurodollars, and certificates of deposit from banks and FBOs. It underlies published benchmarks but the transaction data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.

Topic monitoring

FDIC construction-loan servicing records (restricted access) : Loan-level construction-loan servicing data for a single failed bank held by the FDIC: terms, draw requests, on-site inspection reports, and outcomes. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.

Topic monopsony

Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.

Topic moral-hazard

Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.
Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic mortality

Ancestry.com death and genealogical records (licensed) : Ancestry.com aggregates death indexes, obituaries, and genealogical records used to date individual births and deaths (for example to build executive mortality panels). It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic mortgage

FHA single-family mortgage data : HUD publishes public aggregate data on FHA-insured single-family mortgages, but the loan-level origination-and-performance microdata used in default research is restricted administrative data. This page documents both and the gotchas; the restricted file was not exercised here.
FHFA House Price Index (HPI) : How to pull the FHFA repeat-sales house price index from the no-key master CSV, the ZIP-code developmental indexes, and the gotchas that bite pipelines (purchase-only vs all-transactions, NSA vs SA, the ZIP files are annual).
NSMO: National Survey of Mortgage Originations : How to access the NSMO public-use file from FHFA, covering borrower shopping behavior, mortgage knowledge, and satisfaction linked to administrative credit and servicing data, plus the gotchas that bite pipelines working with survey-weighted microdata.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic mortgage-backed-securities

Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).

Topic mortgage-lending

How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic mortgage-markets

Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Optimal Blue mortgage rate-lock data (licensed) : Optimal Blue captures mortgage rate-lock agreements and real-time lender offer distributions from its pricing-engine platform, a near-real-time view of locked rates and the offers borrowers could have gotten. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.

Topic multi-part-tariffs

Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.

Topic mutual-funds

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
CRSP Mutual Funds + Thomson holdings: the survivor-bias-free fund panel (licensed) : The CRSP Survivor-Bias-Free Mutual Fund Database (returns, TNA, fees, CRSP holdings) and the Thomson Reuters Mutual Fund Holdings (s12), linked by MFLINKS, are the standard US open-end mutual-fund panel. Licensed via WRDS: this page documents the access path and the gotchas; the path was exercised through a licensed WRDS session.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.

Topic narrative

New York Times article archive (licensed) : The full-text New York Times archive (back to 1851) is a long, consistent news corpus used for text-as-data measures of sentiment, attention, and discourse. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic natural-disasters

NOAA hurricane track data (HURDAT2 / NHC) : NOAA National Hurricane Center best-track tropical-cyclone data (HURDAT2): 6-hourly positions, winds, pressure, and landfalls, with the no-key text-file download recipe and the gotchas that bite pipelines.

Topic natural-experiment

Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.

Topic natural-resources

Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic network

TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).

Topic neural-networks

Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.

Topic new-data

Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.

Topic new-fact

Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.

Topic new-keynesian

Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.

Topic news

New York Times article archive (licensed) : The full-text New York Times archive (back to 1851) is a long, consistent news corpus used for text-as-data measures of sentiment, attention, and discourse. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
RepRisk: ESG risk-incident data (licensed) : RepRisk is a daily firm-level feed of negative environmental, social, and governance incidents sourced from media and stakeholder reports, scored for severity, reach, and novelty across 28 issue categories. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.

Topic nlp

Refinitiv (LSEG) earnings-call transcripts (licensed) : Refinitiv (now LSEG) distributes transcripts of analyst-management conference calls, a standard corpus for textual analysis of disclosure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic no-stable-source

Forbes executive compensation surveys : The Forbes annual executive compensation surveys (roughly 1970-1992) are the pre-ExecuComp source of U.S. CEO pay. No maintained machine-readable file exists; researchers reconstruct figures from archived print issues or reuse compiled tables. The modern successor is Compustat ExecuComp (1992, licensed).

Topic nominal-rigidities

Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.

Topic non-bank-lenders

Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.

Topic non-cognitive-skills

Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).

Topic nonbank-lenders

NMLS Mortgage Call Report (company-level, restricted access) : The NMLS Mortgage Call Report collects loan-origination and financial-condition data from state-licensed mortgage companies. Aggregate statistics are published; the company-level data used in research is restricted. This page documents what it is and the gotchas, but it was not exercised here.

Topic nonlinear-pricing

Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.

Topic nonprofit

Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Topic nonprofits

IRS Form 990 (Nonprofit Returns) : How to pull IRS Form 990 nonprofit information returns free with no key via the e-file index on apps.irs.gov, including officer compensation, board composition, and organization financials, plus the gotchas that bite pipelines.

Topic nordic

Titlon Oslo Stock Exchange data (licensed) : Titlon is the University of Tromso's financial database for the Oslo Stock Exchange: prices, returns, shares outstanding, and accounting data for Nordic listed firms. It is free to Nordic academic users but credential-gated, not openly public; this page documents the access path and the gotchas, and the data was not exercised here.

Topic norway

Statistics Norway administrative registers (restricted access) : Statistics Norway (SSB) maintains linked individual- and firm-level administrative registers: demographics, income, wealth, and balance sheets from tax records. Aggregate tables are public; the linked microdata is restricted. This page documents what it is and the gotchas, but the microdata was not exercised here.
VPS: Norwegian securities depository holdings (restricted access) : VPS is the Norwegian central securities depository; its records give complete individual-level securities holdings for Norwegian investors. It is restricted research microdata. This page documents what it is and the gotchas, but it was not exercised here.

Topic nudges

Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.

Topic occupation-switching

Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Topic occupational-choice

Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.

Topic oil-and-gas

Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic oil-gas

Rystad Energy database (licensed) : Rystad Energy maintains asset-level oil and gas data: production, costs, reserves, and field economics for operators worldwide. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic online-learning

Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.

Topic open-economy-macro

Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.

Topic opioids

Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Topic optimal-contracting

Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.

Topic optimal-taxation

Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.

Topic optimization-theory

Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.

Topic options

Cboe options and volatility data (licensed) : Cboe Global Markets options and volatility data: index and equity option quotes and trades, the VIX and related volatility indices, and historical files via Cboe DataShop. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
OptionMetrics IvyDB: option prices, implied vols, and Greeks (licensed) : OptionMetrics IvyDB is the standard database of end-of-day option prices, OptionMetrics-computed implied volatilities and Greeks, and the standardized volatility surface for US exchange-listed equity and index options from 1996. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.

Topic options-markets

Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.

Topic options-trading

Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.

Topic organ-allocation

Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.

Topic organizational-design

Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.

Topic organizational-economics

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.

Topic organizations

AHA Annual Survey Database (licensed) : The American Hospital Association Annual Survey Database tracks U.S. hospital services, operations, beds, staffing, and system affiliation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic otc-markets

Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.

Topic overconfidence

Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.
Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.

Topic overdraft

In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.

Topic overlapping-generations

Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.

Topic overreaction

Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.

Topic ownership

CSMAR: China Stock Market & Accounting Research (licensed) : CSMAR is the standard vendor database of Chinese listed-firm prices, financials, ownership, and market microstructure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
INSEE LIFI: French inter-firm ownership links (restricted access) : LIFI is INSEE's administrative determination of business-group structure in France: which firms control which, used to assemble corporate groups from ownership links. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.

Topic paid

PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.

Topic panel

Facebook Social Connectedness Index (SCI) : How to pull Meta's Social Connectedness Index (SCI) as no-key bulk CSVs from the Humanitarian Data Exchange, plus the gotchas that bite pipelines (it is a rescaled relative measure not a count, symmetric with both directions stored, the diagonal dominates, and region codes differ by file).
Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.
TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).

Topic parenting

Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).

Topic partial-identification

How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.

Topic partisan-realignment

Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Topic passive-investing

The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.

Topic patents

Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.

Topic pay-for-luck

Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.

Topic pay-transparency

Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.

Topic payday-lending

Clarity Services: alternative-credit bureau (licensed) : Clarity Services (an Experian company) is a specialty credit bureau for subprime and alternative credit: payday, installment, and other nonprime loan records. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.

Topic payment-for-order-flow

The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.

Topic payment-systems

Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.

Topic payments

Fedwire Funds Service: payment-level transaction data (restricted access) : Fedwire transaction data is the Federal Reserve's confidential record of real-time gross-settlement interbank payments: sender, receiver, value, and timestamp. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Technology service provider user list (restricted access) : A confidential list identifying which banks used a third-party technology service provider that was the target of a cyberattack, used as a treatment indicator. It is confidential single-source data. This page documents what it is and the gotchas, but it was not exercised here.

Topic payout-policy

Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.

Topic paywalled

Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).

Topic pecuniary-externalities

Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.

Topic peer-effects

Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Topic peer-to-peer-lending

How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.

Topic penalized-regression

Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.

Topic pension

Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.

Topic performance-evaluation

Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.

Topic persuasion

Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.

Topic place-based-policy

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Topic policy-interventions

Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.

Topic policy-uncertainty

Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.

Topic political-economy

Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Topic pollution

EPA Toxics Release Inventory (TRI) : Facility-by-chemical annual reports of toxic chemical releases and waste management from the U.S. EPA, with the no-key bulk CSV and Envirofacts REST recipes and the gotchas that bite pipelines.

Topic population-register

LISA: Swedish longitudinal population register (restricted access) : LISA is Statistics Sweden's individual-level longitudinal register covering the entire resident population: annual labor-market, income, transfer, education, and family records, with the Wealth Register accessed under the same terms. It is restricted administrative microdata. This page documents what it is and the gotchas, but it was not exercised here.
Statistics Norway administrative registers (restricted access) : Statistics Norway (SSB) maintains linked individual- and firm-level administrative registers: demographics, income, wealth, and balance sheets from tax records. Aggregate tables are public; the linked microdata is restricted. This page documents what it is and the gotchas, but the microdata was not exercised here.

Topic portfolio-choice

Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic portfolio-optimization

Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.

Topic portfolios

401(k) plan administrative records (restricted access) : Plan-administration microdata from a large U.S. retirement-plan recordkeeper: participant portfolio allocations, participation, contribution rates, and plan defaults across many plans. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
German online broker retail investor data (restricted access) : Individual-level holdings, trades, and returns for retail investors at one anonymous German online broker, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.

Topic positioning

CFTC Commitments of Traders (COT) : How to pull weekly aggregate futures positions by trader category from the CFTC, including the Traders in Financial Futures report, the no-key history-file download, and the gotchas that bite pipelines.

Topic post-trade

DTCC commercial paper transaction data (restricted access) : Transaction-level commercial paper issuance records (issuer, volume, rate, maturity) from DTCC, used in money-market and bank-funding research. It is confidential, not an off-the-shelf feed. This page documents what it is and the gotchas, but it was not exercised here.
FICC GCF Repo Service data (dealer-level, restricted access) : Dealer-level daily interdealer general-collateral repo and reverse-repo activity by asset class from the FICC GCF Repo Service, licensed through the New York Fed. It is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic predictive-regression

The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.

Topic price-discovery

Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.

Topic price-discrimination

Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.

Topic price-dispersion

Optimal Blue mortgage rate-lock data (licensed) : Optimal Blue captures mortgage rate-lock agreements and real-time lender offer distributions from its pricing-engine platform, a near-real-time view of locked rates and the offers borrowers could have gotten. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.

Topic price-informativeness

Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.

Topic price-stability

Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.

Topic price-transparency

Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.

Topic prices

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
FHFA House Price Index (HPI) : How to pull the FHFA repeat-sales house price index from the no-key master CSV, the ZIP-code developmental indexes, and the gotchas that bite pipelines (purchase-only vs all-transactions, NSA vs SA, the ZIP files are annual).
Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
SteelBenchmarker steel price index (licensed) : SteelBenchmarker publishes biweekly reference prices for hot-rolled band, cold-rolled coil, scrap, and other steel products. Current spot reports are free, but the full historical product-level series is a subscription product. This page documents the access path and the gotchas; the series was not exercised here.
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).

Topic principal-agent

Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.

Topic private-equity

PitchBook: private-capital and deal data (licensed) : PitchBook (Morningstar) is a deal-level database of venture capital, private equity, and M&A: startups and their funding rounds, investors, valuations, and exits. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Preqin: private-capital and hedge-fund data (licensed) : Preqin is a fund-level database of private capital (private equity, venture, private debt, real assets) and hedge funds: fund sizes, vintages, returns, cash flows, and limited-partner commitments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.

Topic private-firms

Cerved: Italian company financials (licensed) : Cerved (Cerved Group) provides balance-sheet, income-statement, and credit information for Italian incorporated companies, including private firms. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Crunchbase: startup and funding data (licensed) : Crunchbase is a commercial database of startups, funding rounds, investors, and company characteristics. A limited free tier exists, but research-grade bulk access is licensed. This page documents the access path and the gotchas, but the data was not exercised here.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.

Topic private-markets

VentureSource venture-capital data (licensed) : VentureSource (Dow Jones / CB Insights) tracks venture-capital funds, financing rounds, valuations, and startup locations. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic private-meetings

SLI private meeting notes and fund records (restricted access) : Internal records of one asset manager (Standard Life Investments / abrdn): private-meeting notes, analyst ratings and recommendations, fund holdings, and daily trades. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.

Topic privatization

What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic probit-regression

Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Topic procurement

Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.

Topic production

Rystad Energy database (licensed) : Rystad Energy maintains asset-level oil and gas data: production, costs, reserves, and field economics for operators worldwide. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic production-networks

BEA Input-Output Accounts : How to pull the BEA Input-Output Accounts (Use, Make/Supply, and Requirements tables) for free with a registered API key, the table IDs you actually need to build upstreamness and production-network measures, and the gotchas that bite pipelines.
FactSet Revere: supply-chain relationships (licensed) : FactSet Revere is FactSet's database of inter-firm business relationships (supplier, customer, competitor, partner) compiled from company filings, presentations, and disclosures. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic productivity

FEK: Swedish Structural Business Statistics (restricted access) : FEK is Statistics Sweden's firm-level structural business statistics: employment, payroll, productivity, and balance-sheet items for Swedish firms. It is restricted administrative microdata accessed in SCB's secure environment. This page documents what it is and the gotchas, but it was not exercised here.
NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.

Topic promotions

Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.

Topic property-records

ZTRAX: Zillow Transaction and Assessment Dataset (licensed) : ZTRAX was Zillow's national property-level dataset of deed transactions and assessor records, distributed free to academics under a data-use agreement until the program was discontinued in 2023. This page documents the access path and the gotchas; the data was not exercised here.

Topic prospect-theory

Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.

Topic proxy-voting

Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.

Topic prudential-regulation

Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.

Topic public-economics

Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Topic public-finance

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.

Topic public-goods

Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.

Topic public-health

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.

Topic public-opinion

Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.

Topic public-private-partnerships

Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.

Topic public-sector

Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.

Topic quality

CMS Hospital Quality & Patient-Outcome Metrics (Care Compare) : How to pull CMS hospital quality measures (mortality, readmissions, complications, HCAHPS patient satisfaction) from the no-key Provider Data Catalog API, and the gotchas that bite pipelines (risk-adjusted not raw, suppressed small cells, measures and vintages change, footnote codes).

Topic quant-funds

Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.

Topic race-discrimination

Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Topic racial-discrimination

Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.

Topic racial-disparities

Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic randomized

Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.

Topic rare-disasters

Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.

Topic rate-locks

Optimal Blue mortgage rate-lock data (licensed) : Optimal Blue captures mortgage rate-lock agreements and real-time lender offer distributions from its pricing-engine platform, a near-real-time view of locked rates and the offers borrowers could have gotten. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic rates

FR 2420: Report of Selected Money Market Rates (restricted access) : FR 2420 is the Federal Reserve's confidential transaction-level collection of money-market rates: federal funds, Eurodollars, and certificates of deposit from banks and FBOs. It underlies published benchmarks but the transaction data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic ratings

KLD / MSCI ESG ratings (licensed) : Firm-level environmental, social, and governance ratings: the historical KLD STATS strength/concern indicators and the successor MSCI ESG (KLD STATS and IVA) ratings, commonly reached through WRDS. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic rdd

Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.

Topic real-effects

Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.

Topic real-estate

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
CoreLogic: property and housing microdata (licensed) : CoreLogic (Cotality) is a US property database: deed transactions, tax and assessor records, repeat-sales house-price indices, and foreclosure data at the property and zip-code level. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CoStar: commercial real estate transactions (licensed) : CoStar (CoStar Group) is a commercial-real-estate database: property-level records of completed sales, listings, leases, assessments, and physical/location characteristics across US markets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
FDIC construction-loan servicing records (restricted access) : Loan-level construction-loan servicing data for a single failed bank held by the FDIC: terms, draw requests, on-site inspection reports, and outcomes. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
MSCI Real Estate (IPD): property indices and yields (licensed) : MSCI Real Estate (formerly IPD) provides property total-return indices and rental-yield benchmarks across countries and sectors, built from appraised institutional portfolios. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).
ZTRAX: Zillow Transaction and Assessment Dataset (licensed) : ZTRAX was Zillow's national property-level dataset of deed transactions and assessor records, distributed free to academics under a data-use agreement until the program was discontinued in 2023. This page documents the access path and the gotchas; the data was not exercised here.

Topic real-options

Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic realization-utility

Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.

Topic recession

NBER Business Cycle Dates : How to pull the NBER U.S. business cycle peak and trough reference dates as JSON with no API key, plus the gotchas that bite pipelines (announcement lag, day-component conventions, committee judgment versus the GDP rule).

Topic recovery

Moody's Ultimate Recovery Database (licensed) : Moody's Ultimate Recovery Database (URD) records firm- and instrument-level creditor recovery rates at the resolution of U.S. corporate defaults. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic redistribution

Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.

Topic reference-price

SteelBenchmarker steel price index (licensed) : SteelBenchmarker publishes biweekly reference prices for hot-rolled band, cold-rolled coil, scrap, and other steel products. Current spot reports are free, but the full historical product-level series is a subscription product. This page documents the access path and the gotchas; the series was not exercised here.

Topic reference-rates

Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.

Topic regional

Quarterly Workforce Indicators (QWI) : How to pull Census LEHD Quarterly Workforce Indicators local labor-market statistics free with no key via the LEHD bulk flat files, including the filename scheme, status-flag columns, and the suppression gotchas that bite pipelines.

Topic regression-discontinuity

Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.

Topic regression-discontinuity-design

Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).

Topic regulation

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
Federal Register : The daily journal of U.S. federal agency Rules, Proposed Rules, and Notices, with full text from 1994 via the federalregister.gov API. Covers the no-key access recipe and the gotchas that bite pipelines.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.

Topic regulation-policy

Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic regulatory

NMLS Consumer Access : NMLS Consumer Access is a free per-record lookup for licensed mortgage loan originators and companies, but the Terms of Use forbid bulk or automated copying and there is no free bulk feed. Paid NMLS B2B Access is the only legitimate programmatic path for panel data.
NMLS Mortgage Call Report (company-level, restricted access) : The NMLS Mortgage Call Report collects loan-origination and financial-condition data from state-licensed mortgage companies. Aggregate statistics are published; the company-level data used in research is restricted. This page documents what it is and the gotchas, but it was not exercised here.

Topic regulatory-burden

Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.

Topic regulatory-standards

Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.

Topic reinvestment

Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.

Topic relationships

FactSet Revere: supply-chain relationships (licensed) : FactSet Revere is FactSet's database of inter-firm business relationships (supplier, customer, competitor, partner) compiled from company filings, presentations, and disclosures. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic rent-extraction

Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.

Topic rents

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.

Topic repeated-games

Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.

Topic replication

Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.

Topic repo

FICC GCF Repo Service data (dealer-level, restricted access) : Dealer-level daily interdealer general-collateral repo and reverse-repo activity by asset class from the FICC GCF Repo Service, licensed through the New York Fed. It is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR 2004C: weekly primary-dealer positions (restricted access) : FR 2004C is the dealer-level detail behind the Federal Reserve Bank of New York's weekly primary-dealer statistics: positions, transactions, and financing in government and other securities. Only aggregates are published; the dealer-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic repo-markets

Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.

Topic residential-sorting

Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.

Topic resolution

FDIC failed-bank bidding and resolution records (restricted access) : Bid-level records from FDIC bank-failure resolutions: bidder identities, bid terms, the FDIC's least-cost estimates, and loss-share claims. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.

Topic retail

NielsenIQ retail scanner and consumer panel (licensed) : NielsenIQ retail scanner and Homescan consumer-panel data, distributed for academic research through the Kilts Center at Chicago Booth. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic retail-investors

German online broker retail investor data (restricted access) : Individual-level holdings, trades, and returns for retail investors at one anonymous German online broker, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
StockTwits social-media messages (licensed) : StockTwits is a finance-focused social platform whose ticker-tagged messages, often self-labeled bullish or bearish, are used as a retail-sentiment signal. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic retail-order-flow

Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Topic retail-trading

The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.

Topic retirement

401(k) plan administrative records (restricted access) : Plan-administration microdata from a large U.S. retirement-plan recordkeeper: participant portfolio allocations, participation, contribution rates, and plan defaults across many plans. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.

Topic return-forecasting

How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.

Topic returns

Global Financial Data (GFD): long-run cross-country series (licensed) : Global Financial Data is a commercial vendor of long-run historical stock, bond, commodity, and macroeconomic series spanning many countries and centuries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic returns-to-education

Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.

Topic revealed-preference

Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.

Topic revolving-credit

Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.

Topic risk-preferences

Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic risk-premia

Markit quanto and cross-currency quotes (licensed) : Markit quanto (cross-currency) derivative quotes from S&P Global (IHS Markit), used to extract the quanto-implied covariance between exchange rates and equity returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.

Topic risk-return

Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.

Topic risk-taking

The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.

Topic robo-advising

How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.

Topic savings

Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.

Topic sbir

Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.

Topic scale-economies

Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).

Topic school-choice

Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.

Topic screening

Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.

Topic search-frictions

Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.

Topic sec-filings

Form N-MFP (Money Market Fund Holdings) : How to pull SEC Form N-MFP monthly money market fund portfolio holdings free with no key via EDGAR full-text search and the Archives endpoint, plus the gotchas around schema versioning, multi-series filers, and the User-Agent requirement.

Topic securities-lending

Markit Securities Finance: securities-lending data (licensed) : Markit Securities Finance (S&P Global / IHS Markit) is the standard securities-lending dataset: stock borrow fees, utilization, and lendable supply from a broad contributor base. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic securitization

Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).

Topic segments

Compustat Segments: business- and geographic-segment financials (licensed) : Compustat Segment data reports financials below the consolidated firm level, by line of business and by geography, as disclosed under segment-reporting accounting standards. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic self-selection

Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.

Topic semiparametric

Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.

Topic sentiment

StockTwits social-media messages (licensed) : StockTwits is a finance-focused social platform whose ticker-tagged messages, often self-labeled bullish or bearish, are used as a retail-sentiment signal. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic shareholder-voting

Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.

Topic short-selling

Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Markit Securities Finance: securities-lending data (licensed) : Markit Securities Finance (S&P Global / IHS Markit) is the standard securities-lending dataset: stock borrow fees, utilization, and lendable supply from a broad contributor base. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic short-term-funding

Form N-MFP (Money Market Fund Holdings) : How to pull SEC Form N-MFP monthly money market fund portfolio holdings free with no key via EDGAR full-text search and the Archives endpoint, plus the gotchas around schema versioning, multi-series filers, and the User-Agent requirement.

Topic short-term-rentals

Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.

Topic short-termism

The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.

Topic signaling

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.

Topic small-business

CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
SBA 7(a) and 504 loan data (FOIA) : How to download and work with the U.S. Small Business Administration's loan-level FOIA datasets for the 7(a) and 504/CDC programs, including the CKAN portal, direct CSV access, and the gotchas that bite pipelines.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Topic smart-contracts

Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.

Topic sovereign-debt

Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.

Topic spain

Spain CIR: Central de Informacion de Riesgos credit register (restricted access) : The CIR is the Banco de Espana's confidential loan-level credit register covering corporate loans by Spanish banks, with bank supervisory data matched to it. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Topic spatial-economics

Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.

Topic startups

Crunchbase: startup and funding data (licensed) : Crunchbase is a commercial database of startups, funding rounds, investors, and company characteristics. A limited free tier exists, but research-grade bulk access is licensed. This page documents the access path and the gotchas, but the data was not exercised here.
VentureSource venture-capital data (licensed) : VentureSource (Dow Jones / CB Insights) tracks venture-capital funds, financing rounds, valuations, and startup locations. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic state-formation

The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.

Topic state-owned-enterprises

Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.

Topic steel

SteelBenchmarker steel price index (licensed) : SteelBenchmarker publishes biweekly reference prices for hot-rolled band, cold-rolled coil, scrap, and other steel products. Current spot reports are free, but the full historical product-level series is a subscription product. This page documents the access path and the gotchas; the series was not exercised here.

Topic stock-indexing

Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.

Topic stock-liquidity

Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.

Topic stock-market-participation

Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic stock-repurchases

Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.

Topic stress-testing

Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.

Topic structural

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.
Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Topic structural-estimation

An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.

Topic structural-model

Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.

Topic structural-models

The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.

Topic student-debt

Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.

Topic subprime

Clarity Services: alternative-credit bureau (licensed) : Clarity Services (an Experian company) is a specialty credit bureau for subprime and alternative credit: payday, installment, and other nonprime loan records. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic sudden-stops

Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.

Topic sunk-cost-effect

In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.

Topic supervision

FDIC confidential supervisory and account-level deposit data (restricted access) : Confidential FDIC microdata: account-level deposit balances and transactions for a failed bank, plus supervisory enforcement actions and brokered-deposit waivers. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
NIC supervisory data: CAMELS ratings and BHC structure (restricted access) : The Federal Reserve's National Information Center holds confidential CAMELS supervisory ratings alongside public bank holding company structure and ownership history. The ratings are confidential; the structure data is public. This page documents what it is and the gotchas, but the ratings were not exercised here.
OSFI federally regulated lender data (Canada, restricted access) : Contract-level mortgage records for federally regulated Canadian lenders, collected by OSFI and reached through the Bank of Canada: lender identity, loan size, rate, amortization, LTV, and debt-service ratio. It is restricted supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Topic supply-chains

BEA Input-Output Accounts : How to pull the BEA Input-Output Accounts (Use, Make/Supply, and Requirements tables) for free with a registered API key, the table IDs you actually need to build upstreamness and production-network measures, and the gotchas that bite pipelines.
FactSet Revere: supply-chain relationships (licensed) : FactSet Revere is FactSet's database of inter-firm business relationships (supplier, customer, competitor, partner) compiled from company filings, presentations, and disclosures. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Topic survey

AHA Annual Survey Database (licensed) : The American Hospital Association Annual Survey Database tracks U.S. hospital services, operations, beds, staffing, and system affiliation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
American Community Survey (ACS) : How to pull American Community Survey estimates from the Census Bureau API (free key) or the no-key bulk files, and the gotchas that bite pipelines (1-year vs 5-year, every estimate has a margin of error, table-code churn, geographies are vintaged, it is a sample not a count).
Bilendi commissioned online survey (Germany, restricted access) : An author-commissioned representative online survey of Germans, fielded through the panel provider Bilendi, with individual-level responses on attitudes and financial behavior. It is a bespoke confidential collection, not an off-the-shelf product. This page documents what it is and the gotchas, but it was not exercised here.
Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
IAB Establishment Panel (restricted access) : The IAB Establishment Panel is an annual representative survey of German establishments covering employment, wages, investment, and business practices. It is restricted microdata accessed through the IAB Research Data Centre. This page documents what it is and the gotchas, but it was not exercised here.
NSMO: National Survey of Mortgage Originations : How to access the NSMO public-use file from FHFA, covering borrower shopping behavior, mortgage knowledge, and satisfaction linked to administrative credit and servicing data, plus the gotchas that bite pipelines working with survey-weighted microdata.
SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.

Topic survey-data

Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.

Topic survey-expectations

Blue Chip Financial Forecasts (licensed) : Blue Chip Financial Forecasts (Wolters Kluwer) is a monthly survey of professional forecasters' interest-rate and macro projections, widely used to measure forecast consensus and dispersion. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Consensus Economics forecast surveys (licensed) : Consensus Economics surveys a panel of professional forecasters for cross-country macro and exchange-rate projections at several horizons. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.

Topic survey-experiment

Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.

Topic survival-analysis

CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.

Topic survivorship-bias

Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).

Topic sustainable-finance

Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.

Topic sustainable-investing

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.

Topic svar

Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Topic sweden

FEK: Swedish Structural Business Statistics (restricted access) : FEK is Statistics Sweden's firm-level structural business statistics: employment, payroll, productivity, and balance-sheet items for Swedish firms. It is restricted administrative microdata accessed in SCB's secure environment. This page documents what it is and the gotchas, but it was not exercised here.
LISA: Swedish longitudinal population register (restricted access) : LISA is Statistics Sweden's individual-level longitudinal register covering the entire resident population: annual labor-market, income, transfer, education, and family records, with the Wealth Register accessed under the same terms. It is restricted administrative microdata. This page documents what it is and the gotchas, but it was not exercised here.

Topic switching-costs

Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.

Topic syndicated-loans

Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
LPC DealScan: syndicated-loan data (licensed) : DealScan (LSEG / LPC) is a deal-level database of syndicated and large corporate loans: facility pricing, amounts, maturities, covenants, and lender shares, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.

Topic syndication

Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.

Topic systematic-risk

Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic systemic-risk

Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.

Topic takeover-defenses

Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.

Topic target-date-funds

Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.

Topic tax-filings

IRS Form 990 (Nonprofit Returns) : How to pull IRS Form 990 nonprofit information returns free with no key via the e-file index on apps.irs.gov, including officer compensation, board composition, and organization financials, plus the gotchas that bite pipelines.

Topic tax-policy

Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.

Topic team-incentives

Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.

Topic technical-change

Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.

Topic technological-change

Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Topic telecommunications

Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Topic term-structure

Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.

Topic text

Internet Archive Wayback Machine : How to query the Internet Archive Wayback Machine for historical web-page snapshots from the no-key Availability and CDX APIs, and the gotchas that bite pipelines (coverage is not continuous, a snapshot is a crawl not the live page, rate limits, capture != content change).
Refinitiv (LSEG) earnings-call transcripts (licensed) : Refinitiv (now LSEG) distributes transcripts of analyst-management conference calls, a standard corpus for textual analysis of disclosure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SLI private meeting notes and fund records (restricted access) : Internal records of one asset manager (Standard Life Investments / abrdn): private-meeting notes, analyst ratings and recommendations, fund holdings, and daily trades. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.

Topic text-as-data

Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Federal Register : The daily journal of U.S. federal agency Rules, Proposed Rules, and Notices, with full text from 1994 via the federalregister.gov API. Covers the no-key access recipe and the gotchas that bite pipelines.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
New York Times article archive (licensed) : The full-text New York Times archive (back to 1851) is a long, consistent news corpus used for text-as-data measures of sentiment, attention, and discourse. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
StockTwits social-media messages (licensed) : StockTwits is a finance-focused social platform whose ticker-tagged messages, often self-labeled bullish or bearish, are used as a retail-sentiment signal. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Topic text-classification

Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.

Topic theory

Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.

Topic third-party-risk

Technology service provider user list (restricted access) : A confidential list identifying which banks used a third-party technology service provider that was the target of a cyberattack, used as a treatment indicator. It is confidential single-source data. This page documents what it is and the gotchas, but it was not exercised here.

Topic tick-size

Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.

Topic time-preferences

Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).

Topic time-series-forecasting

Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.

Topic tips

Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.

Topic tobin-q

Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.

Topic total-factor-productivity

Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.

Topic trade-elasticity

Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.

Topic trade-policy

Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.

Topic transaction-costs

Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.

Topic transaction-data

CoStar: commercial real estate transactions (licensed) : CoStar (CoStar Group) is a commercial-real-estate database: property-level records of completed sales, listings, leases, assessments, and physical/location characteristics across US markets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
FINRA TRACE: corporate bond transactions (licensed) : TRACE (Trade Reporting and Compliance Engine) is FINRA's facility for secondary-market transaction reporting in US fixed-income securities, primarily corporate bonds. The version used by most academic researchers is the historical Enhanced TRACE file, reached for most researchers through WRDS. It is licensed: this page documents the access path and the gotchas, and the keystone query was exercised through a licensed WRDS session.

Topic transactions

S&P Capital IQ: company, capital-structure, and transactions data (licensed) : S&P Capital IQ is S&P Global Market Intelligence's platform covering public and private companies worldwide: detailed capital-structure and debt data, company financials, people, M&A and private-equity transactions, and key developments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
ZTRAX: Zillow Transaction and Assessment Dataset (licensed) : ZTRAX was Zillow's national property-level dataset of deed transactions and assessor records, distributed free to academics under a data-use agreement until the program was discontinued in 2023. This page documents the access path and the gotchas; the data was not exercised here.

Topic transportation

Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.

Topic treasuries

FR 2004C: weekly primary-dealer positions (restricted access) : FR 2004C is the dealer-level detail behind the Federal Reserve Bank of New York's weekly primary-dealer statistics: positions, transactions, and financing in government and other securities. Only aggregates are published; the dealer-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Topic treasury-bills

Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.

Topic treatment-effects

Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.

Topic tutoring

Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.

Topic uip

Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.

Topic uk-equities

FTSE All-Share index constituents and returns (licensed) : FTSE All-Share (FTSE Russell) is the standard investable-universe index for UK equities: membership, market capitalisation, and returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic uncertainty

Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.

Topic uniform-pricing

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.

Topic united-states

401(k) plan administrative records (restricted access) : Plan-administration microdata from a large U.S. retirement-plan recordkeeper: participant portfolio allocations, participation, contribution rates, and plan defaults across many plans. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Equifax consumer-credit records (restricted access) : Individual-level consumer credit microdata from Equifax (balances, delinquency, scores, account types), often reached as an anonymized matched panel, plus Equifax payroll-based employment and income verification. It is restricted PII, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.

Topic urban

Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.

Topic urban-economics

Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.

Topic urban-inequality

Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.

Topic valuation

Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).

Topic venture-capital

Crunchbase: startup and funding data (licensed) : Crunchbase is a commercial database of startups, funding rounds, investors, and company characteristics. A limited free tier exists, but research-grade bulk access is licensed. This page documents the access path and the gotchas, but the data was not exercised here.
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
PitchBook: private-capital and deal data (licensed) : PitchBook (Morningstar) is a deal-level database of venture capital, private equity, and M&A: startups and their funding rounds, investors, valuations, and exits. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Preqin: private-capital and hedge-fund data (licensed) : Preqin is a fund-level database of private capital (private equity, venture, private debt, real assets) and hedge funds: fund sizes, vintages, returns, cash flows, and limited-partner commitments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
VentureSource venture-capital data (licensed) : VentureSource (Dow Jones / CB Insights) tracks venture-capital funds, financing rounds, valuations, and startup locations. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic view-only

Maryland Judiciary Case Search : Maryland's free public court record lookup, why automated access is prohibited (CAPTCHA added March 2022, HTTP 403 to bots), how bulk access via a Public Information Act request works, and the data-use restrictions on individual records.
NMLS Consumer Access : NMLS Consumer Access is a free per-record lookup for licensed mortgage loan originators and companies, but the Terms of Use forbid bulk or automated copying and there is no free bulk feed. Paid NMLS B2B Access is the only legitimate programmatic path for panel data.

Topic volatility

Cboe options and volatility data (licensed) : Cboe Global Markets options and volatility data: index and equity option quotes and trades, the VIX and related volatility indices, and historical files via Cboe DataShop. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.

Topic wage-inequality

Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.

Topic wage-markdowns

Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.

Topic wages

Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.

Topic weak-factors

Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.

Topic wealth

German bank proprietary customer data (restricted access) : Individual-level customer records (product holdings, wealth, income, equity participation) from one anonymous German bank, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
LISA: Swedish longitudinal population register (restricted access) : LISA is Statistics Sweden's individual-level longitudinal register covering the entire resident population: annual labor-market, income, transfer, education, and family records, with the Wealth Register accessed under the same terms. It is restricted administrative microdata. This page documents what it is and the gotchas, but it was not exercised here.
Statistics Norway administrative registers (restricted access) : Statistics Norway (SSB) maintains linked individual- and firm-level administrative registers: demographics, income, wealth, and balance sheets from tax records. Aggregate tables are public; the linked microdata is restricted. This page documents what it is and the gotchas, but the microdata was not exercised here.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.

Topic wealth-distribution

DFA: Distributional Financial Accounts (Federal Reserve) : How to download the Federal Reserve Board's Distributional Financial Accounts, which give quarterly estimates of US household wealth distribution by wealth percentile, generation, education, and race, reconciled to Z.1 aggregates, with no key required.

Topic wealth-effects

Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.

Topic wealth-inequality

Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.

Topic weather

NOAA hurricane track data (HURDAT2 / NHC) : NOAA National Hurricane Center best-track tropical-cyclone data (HURDAT2): 6-hourly positions, winds, pressure, and landfalls, with the no-key text-file download recipe and the gotchas that bite pipelines.

Topic web-archive

Internet Archive Wayback Machine : How to query the Internet Archive Wayback Machine for historical web-page snapshots from the no-key Availability and CDX APIs, and the gotchas that bite pipelines (coverage is not continuous, a snapshot is a crawl not the live page, rate limits, capture != content change).

Topic welfare

Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).

Topic welfare-economics

An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.

Topic wholesale-funding

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.

Topic window-dressing

Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.

Topic working-capital

Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Topic working-conditions

Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.

Topic working-papers

NBER Working Papers : How to pull NBER working paper metadata and full-text PDFs with no API key: the undocumented listing API, the predictable PDF path, and the gotchas that bite pipelines (copyright/redistribution, gated subset, undocumented API, displaydate strings, working-paper numbering).

Topic yield-curve

Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).

Topic yields

MSCI Real Estate (IPD): property indices and yields (licensed) : MSCI Real Estate (formerly IPD) provides property total-return indices and rental-yield benchmarks across countries and sectors, built from appraised institutional portfolios. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Topic zombie-lending

When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.

Method panel-regression

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.
Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Method fama-macbeth

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Method portfolio-sort

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Access free

American Community Survey (ACS) : How to pull American Community Survey estimates from the Census Bureau API (free key) or the no-key bulk files, and the gotchas that bite pipelines (1-year vs 5-year, every estimate has a margin of error, table-code churn, geographies are vintaged, it is a sample not a count).
Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Barro-Ursua macroeconomic database : The Barro-Ursua database is a long-run cross-country panel of annual real per-capita GDP and consumption, assembled to study macroeconomic disasters. It is a free academic dataset; the canonical host blocked automated fetches from this session, so the download was not exercised here.
BEA Input-Output Accounts : How to pull the BEA Input-Output Accounts (Use, Make/Supply, and Requirements tables) for free with a registered API key, the table IDs you actually need to build upstreamness and production-network measures, and the gotchas that bite pipelines.
BIS Effective Exchange Rate Indices (EER) : How to pull the BIS nominal and real effective exchange rate indices from the no-key BIS statistics API, and the gotchas that bite pipelines (real vs nominal, narrow vs broad basket, an up-move means appreciation, the index is rebased not a level).
Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
CFTC Commitments of Traders (COT) : How to pull weekly aggregate futures positions by trader category from the CFTC, including the Traders in Financial Futures report, the no-key history-file download, and the gotchas that bite pipelines.
CMS Hospital Quality & Patient-Outcome Metrics (Care Compare) : How to pull CMS hospital quality measures (mortality, readmissions, complications, HCAHPS patient satisfaction) from the no-key Provider Data Catalog API, and the gotchas that bite pipelines (risk-adjusted not raw, suppressed small cells, measures and vintages change, footnote codes).
CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
Dartmouth Atlas of Health Care : How to pull the Dartmouth Atlas ZIP-to-HSA-to-HRR geographic crosswalk and regional health-care utilization measures from the no-key data downloads, and the gotchas that bite pipelines (HSA/HRR are care markets not Census geographies, the crosswalk vintage matters, utilization is age-sex-adjusted).
DFA: Distributional Financial Accounts (Federal Reserve) : How to download the Federal Reserve Board's Distributional Financial Accounts, which give quarterly estimates of US household wealth distribution by wealth percentile, generation, education, and race, reconciled to Z.1 aggregates, with no key required.
DOL Form 5500: ERISA pension & welfare plan filings : How to pull DOL Form 5500 plan filings and schedules for free: the apex-redirect-hangs-urllib trap, the ACK_ID-not-EIN join key, and the "Latest is unstable" trap, for automated pipelines.
ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.
EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.
EPA Supply Chain GHG Emission Factors : How to pull the EPA's NAICS-level supply-chain greenhouse-gas emission factors from the no-key CSV, the with-margins vs without-margins distinction, and the gotchas that bite pipelines (NAICS vintage, USD year, version).
EPA Toxics Release Inventory (TRI) : Facility-by-chemical annual reports of toxic chemical releases and waste management from the U.S. EPA, with the no-key bulk CSV and Envirofacts REST recipes and the gotchas that bite pipelines.
Facebook Social Connectedness Index (SCI) : How to pull Meta's Social Connectedness Index (SCI) as no-key bulk CSVs from the Humanitarian Data Exchange, plus the gotchas that bite pipelines (it is a rescaled relative measure not a count, symmetric with both directions stored, the diagonal dominates, and region codes differ by file).
Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.
FDIC Quarterly Banking Profile & BankFind financials : How to read the FDIC Quarterly Banking Profile (aggregate quarterly bank condition and income) and pull the institution-level BankFind financials API behind it, with the no-key access recipe and the gotchas that bite pipelines.
FDIC Summary of Deposits (SOD) : How to pull branch-level deposit data from the FDIC Summary of Deposits for free, with no API key, including the headquarters-booking distortion and the other gotchas that bite branch-geography pipelines.
Federal Register : The daily journal of U.S. federal agency Rules, Proposed Rules, and Notices, with full text from 1994 via the federalregister.gov API. Covers the no-key access recipe and the gotchas that bite pipelines.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.
FHFA House Price Index (HPI) : How to pull the FHFA repeat-sales house price index from the no-key master CSV, the ZIP-code developmental indexes, and the gotchas that bite pipelines (purchase-only vs all-transactions, NSA vs SA, the ZIP files are annual).
Flexible data-mining strategies (Chen-Lopez-Lira-Zimmermann) : How to get ~30,000 data-mined long-short strategies and the signal-theory classification for free: the gdown-for-Drive trap, the size trap, and start-from-the-small-file tip, for automated pipelines.
Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.
Flow of Funds: Financial Accounts of the United States (Z.1) : How to pull the Federal Reserve's Z.1 Financial Accounts (sector balance sheets and flows for the whole US economy) for free with no key, how to read the per-table CSV package and series-code grammar, and the levels-vs-flows gotchas that bite pipelines.
Form N-MFP (Money Market Fund Holdings) : How to pull SEC Form N-MFP monthly money market fund portfolio holdings free with no key via EDGAR full-text search and the Archives endpoint, plus the gotchas around schema versioning, multi-series filers, and the User-Agent requirement.
FRED: Federal Reserve Economic Data : How to pull macro and financial time series from FRED for free, including the no-API-key fallback, the series you actually need for finance and macro calibration, and the gotchas that bite automated pipelines.
GSW: Gurkaynak-Sack-Wright Treasury yield curve : How to pull the Federal Reserve staff's daily fitted US Treasury zero-coupon yield curve (Svensson model, 1961 to present) for free with no key, which mnemonic is which, and the header and compounding gotchas that bite pipelines.
Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
HCRIS (Medicare Hospital Cost Reports, CMS) : How to pull hospital cost-report data from CMS HCRIS, including the no-key bulk download, the flat-file worksheet layout, and the gotchas that bite pipelines (form versions, alpha/numeric files, fiscal-year boundaries).
Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
IMF International Financial Statistics (IFS) : How to pull cross-country macro and external-sector series from the IMF, including the no-key DataMapper API, the SDMX data portal, and the gotchas that bite pipelines (database moves, units, missing-period gaps).
Internet Archive Wayback Machine : How to query the Internet Archive Wayback Machine for historical web-page snapshots from the no-key Availability and CDX APIs, and the gotchas that bite pipelines (coverage is not continuous, a snapshot is a crawl not the live page, rate limits, capture != content change).
IRS Form 990 (Nonprofit Returns) : How to pull IRS Form 990 nonprofit information returns free with no key via the e-file index on apps.irs.gov, including officer compensation, board composition, and organization financials, plus the gotchas that bite pipelines.
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
Ken French Data Library: factors & test portfolios : How to pull Fama-French factors, momentum, and sorted test portfolios for free: the percent-not-decimal trap, the header-rows trap, and the monthly/annual-in-one-file trap, for automated pipelines.
NBER Business Cycle Dates : How to pull the NBER U.S. business cycle peak and trough reference dates as JSON with no API key, plus the gotchas that bite pipelines (announcement lag, day-component conventions, committee judgment versus the GDP rule).
NBER Working Papers : How to pull NBER working paper metadata and full-text PDFs with no API key: the undocumented listing API, the predictable PDF path, and the gotchas that bite pipelines (copyright/redistribution, gated subset, undocumented API, displaydate strings, working-paper numbering).
NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.
NIPA: National Income and Product Accounts (BEA) : How to pull the US National Income and Product Accounts (GDP and its components) from the BEA for free, the no-key static-file fallback as well as the API, and the units, revision, and table-vs-series gotchas that bite pipelines.
NOAA hurricane track data (HURDAT2 / NHC) : NOAA National Hurricane Center best-track tropical-cyclone data (HURDAT2): 6-hourly positions, winds, pressure, and landfalls, with the no-key text-file download recipe and the gotchas that bite pipelines.
NSMO: National Survey of Mortgage Originations : How to access the NSMO public-use file from FHFA, covering borrower shopping behavior, mortgage knowledge, and satisfaction linked to administrative credit and servicing data, plus the gotchas that bite pipelines working with survey-weighted microdata.
Open Source Asset Pricing (Chen-Zimmermann) : How to pull 212 firm-level anomaly signals and pre-built long-short portfolio returns for free: the list-not-string trap, the 1.6 GB bulk trap, and the CRSP-merge-already-done point, for automated pipelines.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.
Quarterly Workforce Indicators (QWI) : How to pull Census LEHD Quarterly Workforce Indicators local labor-market statistics free with no key via the LEHD bulk flat files, including the filename scheme, status-flag columns, and the suppression gotchas that bite pipelines.
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).
SBA 7(a) and 504 loan data (FOIA) : How to download and work with the U.S. Small Business Administration's loan-level FOIA datasets for the 7(a) and 504/CDC programs, including the CKAN portal, direct CSV access, and the gotchas that bite pipelines.
SCF: Survey of Consumer Finances : How to pull the Federal Reserve's Survey of Consumer Finances summary extract (US household wealth, debt, income, and portfolios) for free with no key, why the file has five rows per household, and the weighting and imputation gotchas that bite pipelines.
SEC EDGAR: filings, financials, full-text search : How to pull SEC filings, XBRL financial facts, insider trades, and institutional holdings from EDGAR for free: the User-Agent trap, the 10 req/s limit, and XBRL-vs-text, for automated pipelines.
SEC Form ADV (via IAPD): investment-adviser registration : How to pull investment-adviser registration data from the SEC for free via IAPD: the firm report, the search API, and the bulk structured feed, plus why Form ADV lives outside EDGAR and the gotchas that bite fund-classification pipelines.
SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.
TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).
U.S. Census Bureau public data : How to pull U.S. Census Bureau public data products (BDS, QWI, ACS, CBP, population estimates) for free, covering the bulk no-key flat-file path and the api.census.gov API, with the gotchas that bite automated pipelines.
Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).

Access no-api-key

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
BIS Effective Exchange Rate Indices (EER) : How to pull the BIS nominal and real effective exchange rate indices from the no-key BIS statistics API, and the gotchas that bite pipelines (real vs nominal, narrow vs broad basket, an up-move means appreciation, the index is rebased not a level).
Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
CFTC Commitments of Traders (COT) : How to pull weekly aggregate futures positions by trader category from the CFTC, including the Traders in Financial Futures report, the no-key history-file download, and the gotchas that bite pipelines.
CMS Hospital Quality & Patient-Outcome Metrics (Care Compare) : How to pull CMS hospital quality measures (mortality, readmissions, complications, HCAHPS patient satisfaction) from the no-key Provider Data Catalog API, and the gotchas that bite pipelines (risk-adjusted not raw, suppressed small cells, measures and vintages change, footnote codes).
CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
Dartmouth Atlas of Health Care : How to pull the Dartmouth Atlas ZIP-to-HSA-to-HRR geographic crosswalk and regional health-care utilization measures from the no-key data downloads, and the gotchas that bite pipelines (HSA/HRR are care markets not Census geographies, the crosswalk vintage matters, utilization is age-sex-adjusted).
DFA: Distributional Financial Accounts (Federal Reserve) : How to download the Federal Reserve Board's Distributional Financial Accounts, which give quarterly estimates of US household wealth distribution by wealth percentile, generation, education, and race, reconciled to Z.1 aggregates, with no key required.
DOL Form 5500: ERISA pension & welfare plan filings : How to pull DOL Form 5500 plan filings and schedules for free: the apex-redirect-hangs-urllib trap, the ACK_ID-not-EIN join key, and the "Latest is unstable" trap, for automated pipelines.
ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.
EPA Supply Chain GHG Emission Factors : How to pull the EPA's NAICS-level supply-chain greenhouse-gas emission factors from the no-key CSV, the with-margins vs without-margins distinction, and the gotchas that bite pipelines (NAICS vintage, USD year, version).
EPA Toxics Release Inventory (TRI) : Facility-by-chemical annual reports of toxic chemical releases and waste management from the U.S. EPA, with the no-key bulk CSV and Envirofacts REST recipes and the gotchas that bite pipelines.
Facebook Social Connectedness Index (SCI) : How to pull Meta's Social Connectedness Index (SCI) as no-key bulk CSVs from the Humanitarian Data Exchange, plus the gotchas that bite pipelines (it is a rescaled relative measure not a count, symmetric with both directions stored, the diagonal dominates, and region codes differ by file).
FDIC Quarterly Banking Profile & BankFind financials : How to read the FDIC Quarterly Banking Profile (aggregate quarterly bank condition and income) and pull the institution-level BankFind financials API behind it, with the no-key access recipe and the gotchas that bite pipelines.
FDIC Summary of Deposits (SOD) : How to pull branch-level deposit data from the FDIC Summary of Deposits for free, with no API key, including the headquarters-booking distortion and the other gotchas that bite branch-geography pipelines.
Federal Register : The daily journal of U.S. federal agency Rules, Proposed Rules, and Notices, with full text from 1994 via the federalregister.gov API. Covers the no-key access recipe and the gotchas that bite pipelines.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.
FHFA House Price Index (HPI) : How to pull the FHFA repeat-sales house price index from the no-key master CSV, the ZIP-code developmental indexes, and the gotchas that bite pipelines (purchase-only vs all-transactions, NSA vs SA, the ZIP files are annual).
Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.
Flow of Funds: Financial Accounts of the United States (Z.1) : How to pull the Federal Reserve's Z.1 Financial Accounts (sector balance sheets and flows for the whole US economy) for free with no key, how to read the per-table CSV package and series-code grammar, and the levels-vs-flows gotchas that bite pipelines.
Form N-MFP (Money Market Fund Holdings) : How to pull SEC Form N-MFP monthly money market fund portfolio holdings free with no key via EDGAR full-text search and the Archives endpoint, plus the gotchas around schema versioning, multi-series filers, and the User-Agent requirement.
FRED: Federal Reserve Economic Data : How to pull macro and financial time series from FRED for free, including the no-API-key fallback, the series you actually need for finance and macro calibration, and the gotchas that bite automated pipelines.
GSW: Gurkaynak-Sack-Wright Treasury yield curve : How to pull the Federal Reserve staff's daily fitted US Treasury zero-coupon yield curve (Svensson model, 1961 to present) for free with no key, which mnemonic is which, and the header and compounding gotchas that bite pipelines.
Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
HCRIS (Medicare Hospital Cost Reports, CMS) : How to pull hospital cost-report data from CMS HCRIS, including the no-key bulk download, the flat-file worksheet layout, and the gotchas that bite pipelines (form versions, alpha/numeric files, fiscal-year boundaries).
HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
IMF International Financial Statistics (IFS) : How to pull cross-country macro and external-sector series from the IMF, including the no-key DataMapper API, the SDMX data portal, and the gotchas that bite pipelines (database moves, units, missing-period gaps).
Internet Archive Wayback Machine : How to query the Internet Archive Wayback Machine for historical web-page snapshots from the no-key Availability and CDX APIs, and the gotchas that bite pipelines (coverage is not continuous, a snapshot is a crawl not the live page, rate limits, capture != content change).
IRS Form 990 (Nonprofit Returns) : How to pull IRS Form 990 nonprofit information returns free with no key via the e-file index on apps.irs.gov, including officer compensation, board composition, and organization financials, plus the gotchas that bite pipelines.
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
Ken French Data Library: factors & test portfolios : How to pull Fama-French factors, momentum, and sorted test portfolios for free: the percent-not-decimal trap, the header-rows trap, and the monthly/annual-in-one-file trap, for automated pipelines.
Maryland Judiciary Case Search : Maryland's free public court record lookup, why automated access is prohibited (CAPTCHA added March 2022, HTTP 403 to bots), how bulk access via a Public Information Act request works, and the data-use restrictions on individual records.
NBER Business Cycle Dates : How to pull the NBER U.S. business cycle peak and trough reference dates as JSON with no API key, plus the gotchas that bite pipelines (announcement lag, day-component conventions, committee judgment versus the GDP rule).
NBER Working Papers : How to pull NBER working paper metadata and full-text PDFs with no API key: the undocumented listing API, the predictable PDF path, and the gotchas that bite pipelines (copyright/redistribution, gated subset, undocumented API, displaydate strings, working-paper numbering).
NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.
NIPA: National Income and Product Accounts (BEA) : How to pull the US National Income and Product Accounts (GDP and its components) from the BEA for free, the no-key static-file fallback as well as the API, and the units, revision, and table-vs-series gotchas that bite pipelines.
NMLS Consumer Access : NMLS Consumer Access is a free per-record lookup for licensed mortgage loan originators and companies, but the Terms of Use forbid bulk or automated copying and there is no free bulk feed. Paid NMLS B2B Access is the only legitimate programmatic path for panel data.
NOAA hurricane track data (HURDAT2 / NHC) : NOAA National Hurricane Center best-track tropical-cyclone data (HURDAT2): 6-hourly positions, winds, pressure, and landfalls, with the no-key text-file download recipe and the gotchas that bite pipelines.
PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.
Quarterly Workforce Indicators (QWI) : How to pull Census LEHD Quarterly Workforce Indicators local labor-market statistics free with no key via the LEHD bulk flat files, including the filename scheme, status-flag columns, and the suppression gotchas that bite pipelines.
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).
SBA 7(a) and 504 loan data (FOIA) : How to download and work with the U.S. Small Business Administration's loan-level FOIA datasets for the 7(a) and 504/CDC programs, including the CKAN portal, direct CSV access, and the gotchas that bite pipelines.
SCF: Survey of Consumer Finances : How to pull the Federal Reserve's Survey of Consumer Finances summary extract (US household wealth, debt, income, and portfolios) for free with no key, why the file has five rows per household, and the weighting and imputation gotchas that bite pipelines.
SEC EDGAR: filings, financials, full-text search : How to pull SEC filings, XBRL financial facts, insider trades, and institutional holdings from EDGAR for free: the User-Agent trap, the 10 req/s limit, and XBRL-vs-text, for automated pipelines.
SEC Form ADV (via IAPD): investment-adviser registration : How to pull investment-adviser registration data from the SEC for free via IAPD: the firm report, the search API, and the bulk structured feed, plus why Form ADV lives outside EDGAR and the gotchas that bite fund-classification pipelines.
SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.
TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).
Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).

Access licensed

AHA Annual Survey Database (licensed) : The American Hospital Association Annual Survey Database tracks U.S. hospital services, operations, beds, staffing, and system affiliation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Ancestry.com death and genealogical records (licensed) : Ancestry.com aggregates death indexes, obituaries, and genealogical records used to date individual births and deaths (for example to build executive mortality panels). It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Audit Analytics: auditor, disclosure, and restatement data (licensed) : Audit Analytics is the standard database of audit- and disclosure-related corporate events drawn from SEC filings: auditor identity and fees, auditor changes, internal-control opinions, financial-statement restatements, late filings, and litigation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Bloomberg: terminal market data (licensed) : Bloomberg (Bloomberg L.P.) is a market-data terminal and data-feed service covering spot and forward FX, money-market and OIS rates, futures, government and corporate bond yields, inflation swaps, equities, and derived analytics, retrieved by Bloomberg ticker and field. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Blue Chip Financial Forecasts (licensed) : Blue Chip Financial Forecasts (Wolters Kluwer) is a monthly survey of professional forecasters' interest-rate and macro projections, widely used to measure forecast consensus and dispersion. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Bureau van Dijk Zephyr: M&A and deals (licensed) : Bureau van Dijk Zephyr (Moody's) is a global database of M&A, IPO, private-equity, and venture deals, linkable to the Orbis firm universe. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Cboe options and volatility data (licensed) : Cboe Global Markets options and volatility data: index and equity option quotes and trades, the VIX and related volatility indices, and historical files via Cboe DataShop. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Cerved: Italian company financials (licensed) : Cerved (Cerved Group) provides balance-sheet, income-statement, and credit information for Italian incorporated companies, including private firms. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Clarity Services: alternative-credit bureau (licensed) : Clarity Services (an Experian company) is a specialty credit bureau for subprime and alternative credit: payday, installment, and other nonprime loan records. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Compustat Global: non-US company fundamentals (licensed) : Compustat Global is S&P Global Market Intelligence's database of fundamental and market data for publicly traded companies outside North America, standardized into a common data model for cross-country comparison. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Compustat Segments: business- and geographic-segment financials (licensed) : Compustat Segment data reports financials below the consolidated firm level, by line of business and by geography, as disclosed under segment-reporting accounting standards. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Consensus Economics forecast surveys (licensed) : Consensus Economics surveys a panel of professional forecasters for cross-country macro and exchange-rate projections at several horizons. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CoreLogic: property and housing microdata (licensed) : CoreLogic (Cotality) is a US property database: deed transactions, tax and assessor records, repeat-sales house-price indices, and foreclosure data at the property and zip-code level. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CoStar: commercial real estate transactions (licensed) : CoStar (CoStar Group) is a commercial-real-estate database: property-level records of completed sales, listings, leases, assessments, and physical/location characteristics across US markets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Crane Data: money market fund holdings and assets (licensed) : Crane Data LLC is a money-market-fund (MMF) data service covering monthly fund-level total net assets, yields, and portfolio holdings (instrument type, issuer, maturity) for US money-market funds. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CRSP Mutual Funds + Thomson holdings: the survivor-bias-free fund panel (licensed) : The CRSP Survivor-Bias-Free Mutual Fund Database (returns, TNA, fees, CRSP holdings) and the Thomson Reuters Mutual Fund Holdings (s12), linked by MFLINKS, are the standard US open-end mutual-fund panel. Licensed via WRDS: this page documents the access path and the gotchas; the path was exercised through a licensed WRDS session.
Crunchbase: startup and funding data (licensed) : Crunchbase is a commercial database of startups, funding rounds, investors, and company characteristics. A limited free tier exists, but research-grade bulk access is licensed. This page documents the access path and the gotchas, but the data was not exercised here.
CSMAR: China Stock Market & Accounting Research (licensed) : CSMAR is the standard vendor database of Chinese listed-firm prices, financials, ownership, and market microstructure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Equifax traditional credit-bureau data (licensed) : Equifax traditional consumer credit-bureau records (installment and revolving balances, limits, credit scores) obtained under a commercial research licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Eurodollar futures intraday prices (licensed) : Intraday (tick) Eurodollar futures prices from CME Group, the standard instrument for high-frequency monetary-policy-surprise identification around FOMC announcements. Daily settlements are public; the intraday windows are licensed. This page documents the access path and the gotchas, but the data was not exercised here.
FactSet LionShares: institutional ownership (licensed) : FactSet LionShares (FactSet Ownership) is a commercial source for global institutional and fund holdings, with institution classification. It is a paid subscription: this page documents the access path and the gotchas that bite ownership pipelines, but the data was not exercised here.
FactSet Revere: supply-chain relationships (licensed) : FactSet Revere is FactSet's database of inter-firm business relationships (supplier, customer, competitor, partner) compiled from company filings, presentations, and disclosures. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
FINRA TRACE: corporate bond transactions (licensed) : TRACE (Trade Reporting and Compliance Engine) is FINRA's facility for secondary-market transaction reporting in US fixed-income securities, primarily corporate bonds. The version used by most academic researchers is the historical Enhanced TRACE file, reached for most researchers through WRDS. It is licensed: this page documents the access path and the gotchas, and the keystone query was exercised through a licensed WRDS session.
FTSE All-Share index constituents and returns (licensed) : FTSE All-Share (FTSE Russell) is the standard investable-universe index for UK equities: membership, market capitalisation, and returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Getty Images executive photographs (licensed) : Getty Images licenses dated press photographs of executives, the raw material for machine-learning apparent-age and facial measures of CEOs. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Global Financial Data (GFD): long-run cross-country series (licensed) : Global Financial Data is a commercial vendor of long-run historical stock, bond, commodity, and macroeconomic series spanning many countries and centuries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
I/B/E/S: analyst estimates and actuals (licensed) : I/B/E/S is the standard panel of sell-side analyst forecasts (EPS and other measures), consensus summaries, and matched "street" actuals, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
IHS Markit bond pricing: composite quotes for corporate bonds (licensed) : The Markit Bond Pricing Database (IHS Markit / S&P Global) provides daily evaluated composite price quotes for individual corporate and other bonds, aggregated from contributing dealers, together with the dealer-count per bond. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
IHS Markit CDS: single-name credit default swap spreads (licensed) : Markit CDS (IHS Markit, now S&P Global Market Intelligence) provides daily composite single-name and index credit-default-swap spreads contributed by dealers, across maturities, currencies, seniority, and restructuring clauses. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
InfoUSA / Data Axle business and consumer files (licensed) : Data Axle (formerly InfoUSA) compiles business and consumer reference files: establishment listings with location, industry, and employment, plus consumer household files. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
KLD / MSCI ESG ratings (licensed) : Firm-level environmental, social, and governance ratings: the historical KLD STATS strength/concern indicators and the successor MSCI ESG (KLD STATS and IVA) ratings, commonly reached through WRDS. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
LexisNexis court records (licensed) : LexisNexis aggregates U.S. court filings and public records (civil lawsuits, judgments, dockets), the raw material for hand-collected litigation datasets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Lipper eMAXX fixed-income holdings (licensed) : Lipper eMAXX (LSEG / Refinitiv) is the standard CUSIP-level database of fixed-income holdings for insurers, mutual funds, ETFs, and annuities. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
LPC DealScan: syndicated-loan data (licensed) : DealScan (LSEG / LPC) is a deal-level database of syndicated and large corporate loans: facility pricing, amounts, maturities, covenants, and lender shares, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Markit quanto and cross-currency quotes (licensed) : Markit quanto (cross-currency) derivative quotes from S&P Global (IHS Markit), used to extract the quanto-implied covariance between exchange rates and equity returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Markit Securities Finance: securities-lending data (licensed) : Markit Securities Finance (S&P Global / IHS Markit) is the standard securities-lending dataset: stock borrow fees, utilization, and lendable supply from a broad contributor base. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Moody's Ultimate Recovery Database (licensed) : Moody's Ultimate Recovery Database (URD) records firm- and instrument-level creditor recovery rates at the resolution of U.S. corporate defaults. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Morningstar fund and sustainability data (licensed) : Morningstar mutual-fund and ETF data: returns, holdings, categories, star ratings, and the Sustainability Rating (globes) and carbon metrics, reached through Morningstar Direct or a data licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
MSCI Real Estate (IPD): property indices and yields (licensed) : MSCI Real Estate (formerly IPD) provides property total-return indices and rental-yield benchmarks across countries and sectors, built from appraised institutional portfolios. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
NETS: National Establishment Time Series (licensed) : NETS (Walls & Associates, from Dun & Bradstreet source data) is an establishment-level panel tracking US establishments annually from the early 1990s: location, industry, employment, sales, and ownership links. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
New York Times article archive (licensed) : The full-text New York Times archive (back to 1851) is a long, consistent news corpus used for text-as-data measures of sentiment, attention, and discourse. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
NielsenIQ retail scanner and consumer panel (licensed) : NielsenIQ retail scanner and Homescan consumer-panel data, distributed for academic research through the Kilts Center at Chicago Booth. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
NYSE TAQ: trade and quote microstructure data (licensed) : NYSE TAQ (Trade and Quote) is a tick-level database of intraday trades and quotes for all US-listed equities on the consolidated tape, covering two lineages: Monthly TAQ (1993 onward) and Daily TAQ (millisecond to nanosecond stamps, 2003/2014+), reached by most academics through WRDS. It is licensed: the access path was exercised through a licensed WRDS session.
Optimal Blue mortgage rate-lock data (licensed) : Optimal Blue captures mortgage rate-lock agreements and real-time lender offer distributions from its pricing-engine platform, a near-real-time view of locked rates and the offers borrowers could have gotten. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
OptionMetrics IvyDB: option prices, implied vols, and Greeks (licensed) : OptionMetrics IvyDB is the standard database of end-of-day option prices, OptionMetrics-computed implied volatilities and Greeks, and the standardized volatility surface for US exchange-listed equity and index options from 1996. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Orbis (Bureau van Dijk): global firm financials and ownership (licensed) : Orbis (Bureau van Dijk / Moody's Analytics) is a global firm-level database covering financial statements, ownership and corporate-structure links, and firm identifiers for public and private companies across countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
PitchBook: private-capital and deal data (licensed) : PitchBook (Morningstar) is a deal-level database of venture capital, private equity, and M&A: startups and their funding rounds, investors, valuations, and exits. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Preqin: private-capital and hedge-fund data (licensed) : Preqin is a fund-level database of private capital (private equity, venture, private debt, real assets) and hedge funds: fund sizes, vintages, returns, cash flows, and limited-partner commitments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
RateWatch deposit-rate surveys (licensed) : RateWatch (S&P Global Market Intelligence) is the standard branch-level survey of U.S. deposit and CD rates, posted-rate data at weekly frequency. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
RavenPack: news and event analytics (licensed) : RavenPack turns text news into structured, timestamped entity-event records with sentiment, relevance, and novelty scores. It is a paid subscription: this page documents the access path and the gotchas that bite event-study pipelines, but the data was not exercised here.
Refinitiv (LSEG) earnings-call transcripts (licensed) : Refinitiv (now LSEG) distributes transcripts of analyst-management conference calls, a standard corpus for textual analysis of disclosure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Refinitiv Datastream: global time-series of prices and macro series (licensed) : Datastream is Refinitiv's (LSEG) historical financial time-series database covering equities, bonds, commodities, indices, exchange rates, interest rates, options/futures, and a large library of macroeconomic series across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Refinitiv Worldscope: global company fundamentals (licensed) : Worldscope is Refinitiv (LSEG) global database of standardized company fundamentals (balance sheet, income statement, cash flow, ratios, per-share data) and descriptive information for public companies across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
RepRisk: ESG risk-incident data (licensed) : RepRisk is a daily firm-level feed of negative environmental, social, and governance incidents sourced from media and stakeholder reports, scored for severity, reach, and novelty across 28 issue categories. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Revelio Labs: workforce and human-capital data (licensed) : Revelio Labs builds a firm-level workforce panel from public professional profiles and job postings: headcount, hiring and attrition, role and seniority mix, and education. It is a paid subscription: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session on 2026-06-09.
Rystad Energy database (licensed) : Rystad Energy maintains asset-level oil and gas data: production, costs, reserves, and field economics for operators worldwide. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
S&P Capital IQ: company, capital-structure, and transactions data (licensed) : S&P Capital IQ is S&P Global Market Intelligence's platform covering public and private companies worldwide: detailed capital-structure and debt data, company financials, people, M&A and private-equity transactions, and key developments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SDC Platinum: M&A and new-issues deal data (licensed) : SDC Platinum is the standard deal-level database of mergers and acquisitions and new security issues (IPOs, SEOs, debt), assembled by LSEG / Refinitiv. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Siblis Research index-constituent data (licensed) : Siblis Research sells historical index addition and deletion dates and constituent market values for the S&P 500, MidCap 400, SmallCap 600, and Nasdaq 100. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SteelBenchmarker steel price index (licensed) : SteelBenchmarker publishes biweekly reference prices for hot-rolled band, cold-rolled coil, scrap, and other steel products. Current spot reports are free, but the full historical product-level series is a subscription product. This page documents the access path and the gotchas; the series was not exercised here.
StockTwits social-media messages (licensed) : StockTwits is a finance-focused social platform whose ticker-tagged messages, often self-labeled bullish or bearish, are used as a retail-sentiment signal. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Thomson Reuters institutional (13F) holdings: the s34 database (licensed) : The Thomson Reuters / Refinitiv (now LSEG) Institutional (13F) Holdings database, known by its WRDS table family "s34", is a manager-by-quarter panel of US institutional equity holdings built from SEC Form 13F filings. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Titlon Oslo Stock Exchange data (licensed) : Titlon is the University of Tromso's financial database for the Oslo Stock Exchange: prices, returns, shares outstanding, and accounting data for Nordic listed firms. It is free to Nordic academic users but credential-gated, not openly public; this page documents the access path and the gotchas, and the data was not exercised here.
Trucost: firm-level environmental and carbon data (licensed) : Trucost (S&P Global) is a firm-level environmental panel: scope 1, 2, and 3 greenhouse-gas emissions, intensities, and other environmental metrics, with much of it modeled rather than disclosed. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
VentureSource venture-capital data (licensed) : VentureSource (Dow Jones / CB Insights) tracks venture-capital funds, financing rounds, valuations, and startup locations. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
WRDS / CRSP / Compustat: the paywalled core (academic access) : WRDS (CRSP, Compustat, IBES, OptionMetrics…) is not free, but most universities license it. How affiliated researchers get access, and what the free sources here can and cannot substitute for it.
ZTRAX: Zillow Transaction and Assessment Dataset (licensed) : ZTRAX was Zillow's national property-level dataset of deed transactions and assessor records, distributed free to academics under a data-use agreement until the program was discontinued in 2023. This page documents the access path and the gotchas; the data was not exercised here.

Access open-access

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Access cc-by

Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Verification verified-fetched

American Community Survey (ACS) : How to pull American Community Survey estimates from the Census Bureau API (free key) or the no-key bulk files, and the gotchas that bite pipelines (1-year vs 5-year, every estimate has a margin of error, table-code churn, geographies are vintaged, it is a sample not a count).
Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
BEA Input-Output Accounts : How to pull the BEA Input-Output Accounts (Use, Make/Supply, and Requirements tables) for free with a registered API key, the table IDs you actually need to build upstreamness and production-network measures, and the gotchas that bite pipelines.
BIS Effective Exchange Rate Indices (EER) : How to pull the BIS nominal and real effective exchange rate indices from the no-key BIS statistics API, and the gotchas that bite pipelines (real vs nominal, narrow vs broad basket, an up-move means appreciation, the index is rebased not a level).
Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
CFTC Commitments of Traders (COT) : How to pull weekly aggregate futures positions by trader category from the CFTC, including the Traders in Financial Futures report, the no-key history-file download, and the gotchas that bite pipelines.
CMS Hospital Quality & Patient-Outcome Metrics (Care Compare) : How to pull CMS hospital quality measures (mortality, readmissions, complications, HCAHPS patient satisfaction) from the no-key Provider Data Catalog API, and the gotchas that bite pipelines (risk-adjusted not raw, suppressed small cells, measures and vintages change, footnote codes).
Dartmouth Atlas of Health Care : How to pull the Dartmouth Atlas ZIP-to-HSA-to-HRR geographic crosswalk and regional health-care utilization measures from the no-key data downloads, and the gotchas that bite pipelines (HSA/HRR are care markets not Census geographies, the crosswalk vintage matters, utilization is age-sex-adjusted).
DFA: Distributional Financial Accounts (Federal Reserve) : How to download the Federal Reserve Board's Distributional Financial Accounts, which give quarterly estimates of US household wealth distribution by wealth percentile, generation, education, and race, reconciled to Z.1 aggregates, with no key required.
DOL Form 5500: ERISA pension & welfare plan filings : How to pull DOL Form 5500 plan filings and schedules for free: the apex-redirect-hangs-urllib trap, the ACK_ID-not-EIN join key, and the "Latest is unstable" trap, for automated pipelines.
ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.
EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.
EPA Supply Chain GHG Emission Factors : How to pull the EPA's NAICS-level supply-chain greenhouse-gas emission factors from the no-key CSV, the with-margins vs without-margins distinction, and the gotchas that bite pipelines (NAICS vintage, USD year, version).
EPA Toxics Release Inventory (TRI) : Facility-by-chemical annual reports of toxic chemical releases and waste management from the U.S. EPA, with the no-key bulk CSV and Envirofacts REST recipes and the gotchas that bite pipelines.
Facebook Social Connectedness Index (SCI) : How to pull Meta's Social Connectedness Index (SCI) as no-key bulk CSVs from the Humanitarian Data Exchange, plus the gotchas that bite pipelines (it is a rescaled relative measure not a count, symmetric with both directions stored, the diagonal dominates, and region codes differ by file).
FDIC Quarterly Banking Profile & BankFind financials : How to read the FDIC Quarterly Banking Profile (aggregate quarterly bank condition and income) and pull the institution-level BankFind financials API behind it, with the no-key access recipe and the gotchas that bite pipelines.
FDIC Summary of Deposits (SOD) : How to pull branch-level deposit data from the FDIC Summary of Deposits for free, with no API key, including the headquarters-booking distortion and the other gotchas that bite branch-geography pipelines.
Federal Register : The daily journal of U.S. federal agency Rules, Proposed Rules, and Notices, with full text from 1994 via the federalregister.gov API. Covers the no-key access recipe and the gotchas that bite pipelines.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.
FHFA House Price Index (HPI) : How to pull the FHFA repeat-sales house price index from the no-key master CSV, the ZIP-code developmental indexes, and the gotchas that bite pipelines (purchase-only vs all-transactions, NSA vs SA, the ZIP files are annual).
Flexible data-mining strategies (Chen-Lopez-Lira-Zimmermann) : How to get ~30,000 data-mined long-short strategies and the signal-theory classification for free: the gdown-for-Drive trap, the size trap, and start-from-the-small-file tip, for automated pipelines.
Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.
Flow of Funds: Financial Accounts of the United States (Z.1) : How to pull the Federal Reserve's Z.1 Financial Accounts (sector balance sheets and flows for the whole US economy) for free with no key, how to read the per-table CSV package and series-code grammar, and the levels-vs-flows gotchas that bite pipelines.
Form N-MFP (Money Market Fund Holdings) : How to pull SEC Form N-MFP monthly money market fund portfolio holdings free with no key via EDGAR full-text search and the Archives endpoint, plus the gotchas around schema versioning, multi-series filers, and the User-Agent requirement.
FRED: Federal Reserve Economic Data : How to pull macro and financial time series from FRED for free, including the no-API-key fallback, the series you actually need for finance and macro calibration, and the gotchas that bite automated pipelines.
GSW: Gurkaynak-Sack-Wright Treasury yield curve : How to pull the Federal Reserve staff's daily fitted US Treasury zero-coupon yield curve (Svensson model, 1961 to present) for free with no key, which mnemonic is which, and the header and compounding gotchas that bite pipelines.
HCRIS (Medicare Hospital Cost Reports, CMS) : How to pull hospital cost-report data from CMS HCRIS, including the no-key bulk download, the flat-file worksheet layout, and the gotchas that bite pipelines (form versions, alpha/numeric files, fiscal-year boundaries).
HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
IMF International Financial Statistics (IFS) : How to pull cross-country macro and external-sector series from the IMF, including the no-key DataMapper API, the SDMX data portal, and the gotchas that bite pipelines (database moves, units, missing-period gaps).
Internet Archive Wayback Machine : How to query the Internet Archive Wayback Machine for historical web-page snapshots from the no-key Availability and CDX APIs, and the gotchas that bite pipelines (coverage is not continuous, a snapshot is a crawl not the live page, rate limits, capture != content change).
IRS Form 990 (Nonprofit Returns) : How to pull IRS Form 990 nonprofit information returns free with no key via the e-file index on apps.irs.gov, including officer compensation, board composition, and organization financials, plus the gotchas that bite pipelines.
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
Ken French Data Library: factors & test portfolios : How to pull Fama-French factors, momentum, and sorted test portfolios for free: the percent-not-decimal trap, the header-rows trap, and the monthly/annual-in-one-file trap, for automated pipelines.
NBER Business Cycle Dates : How to pull the NBER U.S. business cycle peak and trough reference dates as JSON with no API key, plus the gotchas that bite pipelines (announcement lag, day-component conventions, committee judgment versus the GDP rule).
NBER Working Papers : How to pull NBER working paper metadata and full-text PDFs with no API key: the undocumented listing API, the predictable PDF path, and the gotchas that bite pipelines (copyright/redistribution, gated subset, undocumented API, displaydate strings, working-paper numbering).
NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.
NIPA: National Income and Product Accounts (BEA) : How to pull the US National Income and Product Accounts (GDP and its components) from the BEA for free, the no-key static-file fallback as well as the API, and the units, revision, and table-vs-series gotchas that bite pipelines.
NOAA hurricane track data (HURDAT2 / NHC) : NOAA National Hurricane Center best-track tropical-cyclone data (HURDAT2): 6-hourly positions, winds, pressure, and landfalls, with the no-key text-file download recipe and the gotchas that bite pipelines.
Quarterly Workforce Indicators (QWI) : How to pull Census LEHD Quarterly Workforce Indicators local labor-market statistics free with no key via the LEHD bulk flat files, including the filename scheme, status-flag columns, and the suppression gotchas that bite pipelines.
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).
SBA 7(a) and 504 loan data (FOIA) : How to download and work with the U.S. Small Business Administration's loan-level FOIA datasets for the 7(a) and 504/CDC programs, including the CKAN portal, direct CSV access, and the gotchas that bite pipelines.
SCF: Survey of Consumer Finances : How to pull the Federal Reserve's Survey of Consumer Finances summary extract (US household wealth, debt, income, and portfolios) for free with no key, why the file has five rows per household, and the weighting and imputation gotchas that bite pipelines.
SEC EDGAR: filings, financials, full-text search : How to pull SEC filings, XBRL financial facts, insider trades, and institutional holdings from EDGAR for free: the User-Agent trap, the 10 req/s limit, and XBRL-vs-text, for automated pipelines.
SEC Form ADV (via IAPD): investment-adviser registration : How to pull investment-adviser registration data from the SEC for free via IAPD: the firm report, the search API, and the bulk structured feed, plus why Form ADV lives outside EDGAR and the gotchas that bite fund-classification pipelines.
SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.
TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).
U.S. Census Bureau public data : How to pull U.S. Census Bureau public data products (BDS, QWI, ACS, CBP, population estimates) for free, covering the bulk no-key flat-file path and the api.census.gov API, with the gotchas that bite automated pipelines.
Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).

Verification verified-reachable

Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
NSMO: National Survey of Mortgage Originations : How to access the NSMO public-use file from FHFA, covering borrower shopping behavior, mortgage knowledge, and satisfaction linked to administrative credit and servicing data, plus the gotchas that bite pipelines working with survey-weighted microdata.
Open Source Asset Pricing (Chen-Zimmermann) : How to pull 212 firm-level anomaly signals and pre-built long-short portfolio returns for free: the list-not-string trap, the 1.6 GB bulk trap, and the CRSP-merge-already-done point, for automated pipelines.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.

Verification access-confirmed-licensed

CRSP Mutual Funds + Thomson holdings: the survivor-bias-free fund panel (licensed) : The CRSP Survivor-Bias-Free Mutual Fund Database (returns, TNA, fees, CRSP holdings) and the Thomson Reuters Mutual Fund Holdings (s12), linked by MFLINKS, are the standard US open-end mutual-fund panel. Licensed via WRDS: this page documents the access path and the gotchas; the path was exercised through a licensed WRDS session.
FINRA TRACE: corporate bond transactions (licensed) : TRACE (Trade Reporting and Compliance Engine) is FINRA's facility for secondary-market transaction reporting in US fixed-income securities, primarily corporate bonds. The version used by most academic researchers is the historical Enhanced TRACE file, reached for most researchers through WRDS. It is licensed: this page documents the access path and the gotchas, and the keystone query was exercised through a licensed WRDS session.
I/B/E/S: analyst estimates and actuals (licensed) : I/B/E/S is the standard panel of sell-side analyst forecasts (EPS and other measures), consensus summaries, and matched "street" actuals, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
LPC DealScan: syndicated-loan data (licensed) : DealScan (LSEG / LPC) is a deal-level database of syndicated and large corporate loans: facility pricing, amounts, maturities, covenants, and lender shares, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
NYSE TAQ: trade and quote microstructure data (licensed) : NYSE TAQ (Trade and Quote) is a tick-level database of intraday trades and quotes for all US-listed equities on the consolidated tape, covering two lineages: Monthly TAQ (1993 onward) and Daily TAQ (millisecond to nanosecond stamps, 2003/2014+), reached by most academics through WRDS. It is licensed: the access path was exercised through a licensed WRDS session.
RepRisk: ESG risk-incident data (licensed) : RepRisk is a daily firm-level feed of negative environmental, social, and governance incidents sourced from media and stakeholder reports, scored for severity, reach, and novelty across 28 issue categories. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Revelio Labs: workforce and human-capital data (licensed) : Revelio Labs builds a firm-level workforce panel from public professional profiles and job postings: headcount, hiring and attrition, role and seniority mix, and education. It is a paid subscription: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session on 2026-06-09.
Thomson Reuters institutional (13F) holdings: the s34 database (licensed) : The Thomson Reuters / Refinitiv (now LSEG) Institutional (13F) Holdings database, known by its WRDS table family "s34", is a manager-by-quarter panel of US institutional equity holdings built from SEC Form 13F filings. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
WRDS / CRSP / Compustat: the paywalled core (academic access) : WRDS (CRSP, Compustat, IBES, OptionMetrics…) is not free, but most universities license it. How affiliated researchers get access, and what the free sources here can and cannot substitute for it.

Verification unverified

401(k) plan administrative records (restricted access) : Plan-administration microdata from a large U.S. retirement-plan recordkeeper: participant portfolio allocations, participation, contribution rates, and plan defaults across many plans. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
AHA Annual Survey Database (licensed) : The American Hospital Association Annual Survey Database tracks U.S. hospital services, operations, beds, staffing, and system affiliation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Ancestry.com death and genealogical records (licensed) : Ancestry.com aggregates death indexes, obituaries, and genealogical records used to date individual births and deaths (for example to build executive mortality panels). It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Audit Analytics: auditor, disclosure, and restatement data (licensed) : Audit Analytics is the standard database of audit- and disclosure-related corporate events drawn from SEC filings: auditor identity and fees, auditor changes, internal-control opinions, financial-statement restatements, late filings, and litigation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Banorte bank-account panel and savings experiment (Mexico, restricted access) : Individual-level account and transaction records for millions of customers of one Mexican bank (Banorte), plus a randomized savings field experiment run with the bank. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Barro-Ursua macroeconomic database : The Barro-Ursua database is a long-run cross-country panel of annual real per-capita GDP and consumption, assembled to study macroeconomic disasters. It is a free academic dataset; the canonical host blocked automated fetches from this session, so the download was not exercised here.
Bilendi commissioned online survey (Germany, restricted access) : An author-commissioned representative online survey of Germans, fielded through the panel provider Bilendi, with individual-level responses on attitudes and financial behavior. It is a bespoke confidential collection, not an off-the-shelf product. This page documents what it is and the gotchas, but it was not exercised here.
Bloomberg: terminal market data (licensed) : Bloomberg (Bloomberg L.P.) is a market-data terminal and data-feed service covering spot and forward FX, money-market and OIS rates, futures, government and corporate bond yields, inflation swaps, equities, and derived analytics, retrieved by Bloomberg ticker and field. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Blue Chip Financial Forecasts (licensed) : Blue Chip Financial Forecasts (Wolters Kluwer) is a monthly survey of professional forecasters' interest-rate and macro projections, widely used to measure forecast consensus and dispersion. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Bureau van Dijk Zephyr: M&A and deals (licensed) : Bureau van Dijk Zephyr (Moody's) is a global database of M&A, IPO, private-equity, and venture deals, linkable to the Orbis firm universe. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Cboe options and volatility data (licensed) : Cboe Global Markets options and volatility data: index and equity option quotes and trades, the VIX and related volatility indices, and historical files via Cboe DataShop. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Cerved: Italian company financials (licensed) : Cerved (Cerved Group) provides balance-sheet, income-statement, and credit information for Italian incorporated companies, including private firms. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
China shadow-margin lending data (single provider, restricted access) : Daily stock-level off-exchange ("shadow") margin balances from one large Chinese lending platform, used to study the 2015 boom and bust. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Clarity Services: alternative-credit bureau (licensed) : Clarity Services (an Experian company) is a specialty credit bureau for subprime and alternative credit: payday, installment, and other nonprime loan records. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Compustat Global: non-US company fundamentals (licensed) : Compustat Global is S&P Global Market Intelligence's database of fundamental and market data for publicly traded companies outside North America, standardized into a common data model for cross-country comparison. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Compustat Segments: business- and geographic-segment financials (licensed) : Compustat Segment data reports financials below the consolidated firm level, by line of business and by geography, as disclosed under segment-reporting accounting standards. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Confidential federal funds transaction data (restricted access) : Confidential, transaction-level federal funds borrowing and lending records held by the Federal Reserve, beyond what published benchmark rates reveal. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Consensus Economics forecast surveys (licensed) : Consensus Economics surveys a panel of professional forecasters for cross-country macro and exchange-rate projections at several horizons. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CoreLogic: property and housing microdata (licensed) : CoreLogic (Cotality) is a US property database: deed transactions, tax and assessor records, repeat-sales house-price indices, and foreclosure data at the property and zip-code level. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CoStar: commercial real estate transactions (licensed) : CoStar (CoStar Group) is a commercial-real-estate database: property-level records of completed sales, listings, leases, assessments, and physical/location characteristics across US markets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
Crane Data: money market fund holdings and assets (licensed) : Crane Data LLC is a money-market-fund (MMF) data service covering monthly fund-level total net assets, yields, and portfolio holdings (instrument type, issuer, maturity) for US money-market funds. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Crunchbase: startup and funding data (licensed) : Crunchbase is a commercial database of startups, funding rounds, investors, and company characteristics. A limited free tier exists, but research-grade bulk access is licensed. This page documents the access path and the gotchas, but the data was not exercised here.
CSMAR: China Stock Market & Accounting Research (licensed) : CSMAR is the standard vendor database of Chinese listed-firm prices, financials, ownership, and market microstructure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
DTCC commercial paper transaction data (restricted access) : Transaction-level commercial paper issuance records (issuer, volume, rate, maturity) from DTCC, used in money-market and bank-funding research. It is confidential, not an off-the-shelf feed. This page documents what it is and the gotchas, but it was not exercised here.
Equifax consumer-credit records (restricted access) : Individual-level consumer credit microdata from Equifax (balances, delinquency, scores, account types), often reached as an anonymized matched panel, plus Equifax payroll-based employment and income verification. It is restricted PII, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.
Equifax traditional credit-bureau data (licensed) : Equifax traditional consumer credit-bureau records (installment and revolving balances, limits, credit scores) obtained under a commercial research licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Eurodollar futures intraday prices (licensed) : Intraday (tick) Eurodollar futures prices from CME Group, the standard instrument for high-frequency monetary-policy-surprise identification around FOMC announcements. Daily settlements are public; the intraday windows are licensed. This page documents the access path and the gotchas, but the data was not exercised here.
FactSet LionShares: institutional ownership (licensed) : FactSet LionShares (FactSet Ownership) is a commercial source for global institutional and fund holdings, with institution classification. It is a paid subscription: this page documents the access path and the gotchas that bite ownership pipelines, but the data was not exercised here.
FactSet Revere: supply-chain relationships (licensed) : FactSet Revere is FactSet's database of inter-firm business relationships (supplier, customer, competitor, partner) compiled from company filings, presentations, and disclosures. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.
FDIC confidential supervisory and account-level deposit data (restricted access) : Confidential FDIC microdata: account-level deposit balances and transactions for a failed bank, plus supervisory enforcement actions and brokered-deposit waivers. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
FDIC construction-loan servicing records (restricted access) : Loan-level construction-loan servicing data for a single failed bank held by the FDIC: terms, draw requests, on-site inspection reports, and outcomes. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
FDIC failed-bank bidding and resolution records (restricted access) : Bid-level records from FDIC bank-failure resolutions: bidder identities, bid terms, the FDIC's least-cost estimates, and loss-share claims. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
Federal Reserve discount window lending (restricted access) : Loan-level records of Federal Reserve discount window borrowing (primary credit and related facilities). Contemporaneous borrower-level data is confidential; transaction details are released only with a statutory lag. This page documents what it is and the gotchas, but it was not exercised here.
Fedwire Funds Service: payment-level transaction data (restricted access) : Fedwire transaction data is the Federal Reserve's confidential record of real-time gross-settlement interbank payments: sender, receiver, value, and timestamp. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FEK: Swedish Structural Business Statistics (restricted access) : FEK is Statistics Sweden's firm-level structural business statistics: employment, payroll, productivity, and balance-sheet items for Swedish firms. It is restricted administrative microdata accessed in SCB's secure environment. This page documents what it is and the gotchas, but it was not exercised here.
FHA single-family mortgage data : HUD publishes public aggregate data on FHA-insured single-family mortgages, but the loan-level origination-and-performance microdata used in default research is restricted administrative data. This page documents both and the gotchas; the restricted file was not exercised here.
FICC GCF Repo Service data (dealer-level, restricted access) : Dealer-level daily interdealer general-collateral repo and reverse-repo activity by asset class from the FICC GCF Repo Service, licensed through the New York Fed. It is confidential. This page documents what it is and the gotchas, but it was not exercised here.
Forbes executive compensation surveys : The Forbes annual executive compensation surveys (roughly 1970-1992) are the pre-ExecuComp source of U.S. CEO pay. No maintained machine-readable file exists; researchers reconstruct figures from archived print issues or reuse compiled tables. The modern successor is Compustat ExecuComp (1992, licensed).
FR 2004C: weekly primary-dealer positions (restricted access) : FR 2004C is the dealer-level detail behind the Federal Reserve Bank of New York's weekly primary-dealer statistics: positions, transactions, and financing in government and other securities. Only aggregates are published; the dealer-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR 2052a: Complex Institution Liquidity Monitoring Report (restricted access) : FR 2052a is the Federal Reserve's confidential liquidity-monitoring collection from large banking organizations: daily and monthly cash inflows and outflows by counterparty, product, and maturity. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FR 2420: Report of Selected Money Market Rates (restricted access) : FR 2420 is the Federal Reserve's confidential transaction-level collection of money-market rates: federal funds, Eurodollars, and certificates of deposit from banks and FBOs. It underlies published benchmarks but the transaction data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR 2644: Weekly Report of Selected Assets and Liabilities (restricted access) : FR 2644 is the Federal Reserve's confidential weekly bank balance-sheet collection from a sample of domestic banks and FBO branches. It underlies the published H.8 aggregates but the bank-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR Y-14Q: confidential bank supervisory data (restricted access) : FR Y-14Q is the Federal Reserve's quarterly stress-test data collection from large bank holding companies: loan-level corporate (H.1) and commercial real estate (H.2) records and more. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FTSE All-Share index constituents and returns (licensed) : FTSE All-Share (FTSE Russell) is the standard investable-universe index for UK equities: membership, market capitalisation, and returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
German bank proprietary customer data (restricted access) : Individual-level customer records (product holdings, wealth, income, equity participation) from one anonymous German bank, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
German online broker retail investor data (restricted access) : Individual-level holdings, trades, and returns for retail investors at one anonymous German online broker, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Getty Images executive photographs (licensed) : Getty Images licenses dated press photographs of executives, the raw material for machine-learning apparent-age and facial measures of CEOs. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Global Financial Data (GFD): long-run cross-country series (licensed) : Global Financial Data is a commercial vendor of long-run historical stock, bond, commodity, and macroeconomic series spanning many countries and centuries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
IAB Establishment Panel (restricted access) : The IAB Establishment Panel is an annual representative survey of German establishments covering employment, wages, investment, and business practices. It is restricted microdata accessed through the IAB Research Data Centre. This page documents what it is and the gotchas, but it was not exercised here.
IEB: German Integrated Employment Biographies (restricted access) : The Integrated Employment Biographies (IEB) are the German Institute for Employment Research's administrative day-level employment records for the universe of workers covered by social security. They are restricted microdata accessed through the IAB Research Data Centre. This page documents what they are and the gotchas, but they were not exercised here.
IHS Markit bond pricing: composite quotes for corporate bonds (licensed) : The Markit Bond Pricing Database (IHS Markit / S&P Global) provides daily evaluated composite price quotes for individual corporate and other bonds, aggregated from contributing dealers, together with the dealer-count per bond. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
IHS Markit CDS: single-name credit default swap spreads (licensed) : Markit CDS (IHS Markit, now S&P Global Market Intelligence) provides daily composite single-name and index credit-default-swap spreads contributed by dealers, across maturities, currencies, seniority, and restructuring clauses. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Indifi FinTech loan application records (India, restricted access) : Loan-level application records from one Indian FinTech lender (Indifi): applications with payment-transaction history, applicant characteristics, credit-bureau data, and outcomes. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
InfoUSA / Data Axle business and consumer files (licensed) : Data Axle (formerly InfoUSA) compiles business and consumer reference files: establishment listings with location, industry, and employment, plus consumer household files. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
INSEE DADS: French matched employer-employee data (restricted access) : DADS is the French administrative matched employer-employee dataset: annual social declarations linking workers to establishments, with earnings, occupation, and hours. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.
INSEE firm tax and accounting files (restricted access) : The French firm tax and accounting files (the BIC/FICUS-FARE lineage) are administrative firm-level balance sheets and income statements compiled by INSEE from DGFiP tax filings. They are restricted administrative microdata reached through the CASD secure data centre. This page documents what they are and the gotchas, but they were not exercised here.
INSEE LIFI: French inter-firm ownership links (restricted access) : LIFI is INSEE's administrative determination of business-group structure in France: which firms control which, used to assemble corporate groups from ownership links. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.
Italian Credit Register (Centrale dei Rischi, restricted access) : The Centrale dei Rischi is the Bank of Italy's confidential credit register: firm-bank loan quantities and interest rates above a reporting threshold, alongside the Or.So. bank-board register and supervisory balance-sheet reports. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
KLD / MSCI ESG ratings (licensed) : Firm-level environmental, social, and governance ratings: the historical KLD STATS strength/concern indicators and the successor MSCI ESG (KLD STATS and IVA) ratings, commonly reached through WRDS. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
LexisNexis court records (licensed) : LexisNexis aggregates U.S. court filings and public records (civil lawsuits, judgments, dockets), the raw material for hand-collected litigation datasets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Lipper eMAXX fixed-income holdings (licensed) : Lipper eMAXX (LSEG / Refinitiv) is the standard CUSIP-level database of fixed-income holdings for insurers, mutual funds, ETFs, and annuities. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
LISA: Swedish longitudinal population register (restricted access) : LISA is Statistics Sweden's individual-level longitudinal register covering the entire resident population: annual labor-market, income, transfer, education, and family records, with the Wealth Register accessed under the same terms. It is restricted administrative microdata. This page documents what it is and the gotchas, but it was not exercised here.
Markit quanto and cross-currency quotes (licensed) : Markit quanto (cross-currency) derivative quotes from S&P Global (IHS Markit), used to extract the quanto-implied covariance between exchange rates and equity returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Markit Securities Finance: securities-lending data (licensed) : Markit Securities Finance (S&P Global / IHS Markit) is the standard securities-lending dataset: stock borrow fees, utilization, and lendable supply from a broad contributor base. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Maryland Judiciary Case Search : Maryland's free public court record lookup, why automated access is prohibited (CAPTCHA added March 2022, HTTP 403 to bots), how bulk access via a Public Information Act request works, and the data-use restrictions on individual records.
Moody's Ultimate Recovery Database (licensed) : Moody's Ultimate Recovery Database (URD) records firm- and instrument-level creditor recovery rates at the resolution of U.S. corporate defaults. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Morningstar fund and sustainability data (licensed) : Morningstar mutual-fund and ETF data: returns, holdings, categories, star ratings, and the Sustainability Rating (globes) and carbon metrics, reached through Morningstar Direct or a data licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
MSCI Real Estate (IPD): property indices and yields (licensed) : MSCI Real Estate (formerly IPD) provides property total-return indices and rental-yield benchmarks across countries and sectors, built from appraised institutional portfolios. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
NETS: National Establishment Time Series (licensed) : NETS (Walls & Associates, from Dun & Bradstreet source data) is an establishment-level panel tracking US establishments annually from the early 1990s: location, industry, employment, sales, and ownership links. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
New York Times article archive (licensed) : The full-text New York Times archive (back to 1851) is a long, consistent news corpus used for text-as-data measures of sentiment, attention, and discourse. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
NIC supervisory data: CAMELS ratings and BHC structure (restricted access) : The Federal Reserve's National Information Center holds confidential CAMELS supervisory ratings alongside public bank holding company structure and ownership history. The ratings are confidential; the structure data is public. This page documents what it is and the gotchas, but the ratings were not exercised here.
NielsenIQ retail scanner and consumer panel (licensed) : NielsenIQ retail scanner and Homescan consumer-panel data, distributed for academic research through the Kilts Center at Chicago Booth. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
NMLS Consumer Access : NMLS Consumer Access is a free per-record lookup for licensed mortgage loan originators and companies, but the Terms of Use forbid bulk or automated copying and there is no free bulk feed. Paid NMLS B2B Access is the only legitimate programmatic path for panel data.
NMLS Mortgage Call Report (company-level, restricted access) : The NMLS Mortgage Call Report collects loan-origination and financial-condition data from state-licensed mortgage companies. Aggregate statistics are published; the company-level data used in research is restricted. This page documents what it is and the gotchas, but it was not exercised here.
Optimal Blue mortgage rate-lock data (licensed) : Optimal Blue captures mortgage rate-lock agreements and real-time lender offer distributions from its pricing-engine platform, a near-real-time view of locked rates and the offers borrowers could have gotten. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
OptionMetrics IvyDB: option prices, implied vols, and Greeks (licensed) : OptionMetrics IvyDB is the standard database of end-of-day option prices, OptionMetrics-computed implied volatilities and Greeks, and the standardized volatility surface for US exchange-listed equity and index options from 1996. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Orbis (Bureau van Dijk): global firm financials and ownership (licensed) : Orbis (Bureau van Dijk / Moody's Analytics) is a global firm-level database covering financial statements, ownership and corporate-structure links, and firm identifiers for public and private companies across countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
OSFI federally regulated lender data (Canada, restricted access) : Contract-level mortgage records for federally regulated Canadian lenders, collected by OSFI and reached through the Bank of Canada: lender identity, loan size, rate, amortization, LTV, and debt-service ratio. It is restricted supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.
PitchBook: private-capital and deal data (licensed) : PitchBook (Morningstar) is a deal-level database of venture capital, private equity, and M&A: startups and their funding rounds, investors, valuations, and exits. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Preqin: private-capital and hedge-fund data (licensed) : Preqin is a fund-level database of private capital (private equity, venture, private debt, real assets) and hedge funds: fund sizes, vintages, returns, cash flows, and limited-partner commitments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
RateWatch deposit-rate surveys (licensed) : RateWatch (S&P Global Market Intelligence) is the standard branch-level survey of U.S. deposit and CD rates, posted-rate data at weekly frequency. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
RavenPack: news and event analytics (licensed) : RavenPack turns text news into structured, timestamped entity-event records with sentiment, relevance, and novelty scores. It is a paid subscription: this page documents the access path and the gotchas that bite event-study pipelines, but the data was not exercised here.
Refinitiv (LSEG) earnings-call transcripts (licensed) : Refinitiv (now LSEG) distributes transcripts of analyst-management conference calls, a standard corpus for textual analysis of disclosure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Refinitiv Datastream: global time-series of prices and macro series (licensed) : Datastream is Refinitiv's (LSEG) historical financial time-series database covering equities, bonds, commodities, indices, exchange rates, interest rates, options/futures, and a large library of macroeconomic series across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Refinitiv Worldscope: global company fundamentals (licensed) : Worldscope is Refinitiv (LSEG) global database of standardized company fundamentals (balance sheet, income statement, cash flow, ratios, per-share data) and descriptive information for public companies across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Rystad Energy database (licensed) : Rystad Energy maintains asset-level oil and gas data: production, costs, reserves, and field economics for operators worldwide. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
S&P Capital IQ: company, capital-structure, and transactions data (licensed) : S&P Capital IQ is S&P Global Market Intelligence's platform covering public and private companies worldwide: detailed capital-structure and debt data, company financials, people, M&A and private-equity transactions, and key developments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SDC Platinum: M&A and new-issues deal data (licensed) : SDC Platinum is the standard deal-level database of mergers and acquisitions and new security issues (IPOs, SEOs, debt), assembled by LSEG / Refinitiv. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Siblis Research index-constituent data (licensed) : Siblis Research sells historical index addition and deletion dates and constituent market values for the S&P 500, MidCap 400, SmallCap 600, and Nasdaq 100. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SLI private meeting notes and fund records (restricted access) : Internal records of one asset manager (Standard Life Investments / abrdn): private-meeting notes, analyst ratings and recommendations, fund holdings, and daily trades. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Spain CIR: Central de Informacion de Riesgos credit register (restricted access) : The CIR is the Banco de Espana's confidential loan-level credit register covering corporate loans by Spanish banks, with bank supervisory data matched to it. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
Statistics Norway administrative registers (restricted access) : Statistics Norway (SSB) maintains linked individual- and firm-level administrative registers: demographics, income, wealth, and balance sheets from tax records. Aggregate tables are public; the linked microdata is restricted. This page documents what it is and the gotchas, but the microdata was not exercised here.
STBL: Survey of Terms of Business Lending (restricted access) : The Federal Reserve's Survey of Terms of Business Lending collected loan-level commercial-and-industrial loan terms and internal risk ratings from reporting banks. Aggregates were published (E.2); the loan-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
SteelBenchmarker steel price index (licensed) : SteelBenchmarker publishes biweekly reference prices for hot-rolled band, cold-rolled coil, scrap, and other steel products. Current spot reports are free, but the full historical product-level series is a subscription product. This page documents the access path and the gotchas; the series was not exercised here.
StockTwits social-media messages (licensed) : StockTwits is a finance-focused social platform whose ticker-tagged messages, often self-labeled bullish or bearish, are used as a retail-sentiment signal. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Technology service provider user list (restricted access) : A confidential list identifying which banks used a third-party technology service provider that was the target of a cyberattack, used as a treatment indicator. It is confidential single-source data. This page documents what it is and the gotchas, but it was not exercised here.
Titlon Oslo Stock Exchange data (licensed) : Titlon is the University of Tromso's financial database for the Oslo Stock Exchange: prices, returns, shares outstanding, and accounting data for Nordic listed firms. It is free to Nordic academic users but credential-gated, not openly public; this page documents the access path and the gotchas, and the data was not exercised here.
TransUnion credit bureau data (Canada, restricted access) : Monthly, population-wide individual credit-bureau records for Canada from TransUnion: borrower characteristics, mortgage identity, switching activity, and inquiries. It is restricted research microdata, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.
Trucost: firm-level environmental and carbon data (licensed) : Trucost (S&P Global) is a firm-level environmental panel: scope 1, 2, and 3 greenhouse-gas emissions, intensities, and other environmental metrics, with much of it modeled rather than disclosed. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
VentureSource venture-capital data (licensed) : VentureSource (Dow Jones / CB Insights) tracks venture-capital funds, financing rounds, valuations, and startup locations. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
VPS: Norwegian securities depository holdings (restricted access) : VPS is the Norwegian central securities depository; its records give complete individual-level securities holdings for Norwegian investors. It is restricted research microdata. This page documents what it is and the gotchas, but it was not exercised here.
ZTRAX: Zillow Transaction and Assessment Dataset (licensed) : ZTRAX was Zillow's national property-level dataset of deed transactions and assessor records, distributed free to academics under a data-use agreement until the program was discontinued in 2023. This page documents the access path and the gotchas; the data was not exercised here.

Data shape panel-data

CoreLogic: property and housing microdata (licensed) : CoreLogic (Cotality) is a US property database: deed transactions, tax and assessor records, repeat-sales house-price indices, and foreclosure data at the property and zip-code level. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
CRSP Mutual Funds + Thomson holdings: the survivor-bias-free fund panel (licensed) : The CRSP Survivor-Bias-Free Mutual Fund Database (returns, TNA, fees, CRSP holdings) and the Thomson Reuters Mutual Fund Holdings (s12), linked by MFLINKS, are the standard US open-end mutual-fund panel. Licensed via WRDS: this page documents the access path and the gotchas; the path was exercised through a licensed WRDS session.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
DOL Form 5500: ERISA pension & welfare plan filings : How to pull DOL Form 5500 plan filings and schedules for free: the apex-redirect-hangs-urllib trap, the ACK_ID-not-EIN join key, and the "Latest is unstable" trap, for automated pipelines.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
EPA Toxics Release Inventory (TRI) : Facility-by-chemical annual reports of toxic chemical releases and waste management from the U.S. EPA, with the no-key bulk CSV and Envirofacts REST recipes and the gotchas that bite pipelines.
Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
FactSet LionShares: institutional ownership (licensed) : FactSet LionShares (FactSet Ownership) is a commercial source for global institutional and fund holdings, with institution classification. It is a paid subscription: this page documents the access path and the gotchas that bite ownership pipelines, but the data was not exercised here.
Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.
FDIC Summary of Deposits (SOD) : How to pull branch-level deposit data from the FDIC Summary of Deposits for free, with no API key, including the headquarters-booking distortion and the other gotchas that bite branch-geography pipelines.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.
FR Y-14Q: confidential bank supervisory data (restricted access) : FR Y-14Q is the Federal Reserve's quarterly stress-test data collection from large bank holding companies: loan-level corporate (H.1) and commercial real estate (H.2) records and more. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
I/B/E/S: analyst estimates and actuals (licensed) : I/B/E/S is the standard panel of sell-side analyst forecasts (EPS and other measures), consensus summaries, and matched "street" actuals, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.
NETS: National Establishment Time Series (licensed) : NETS (Walls & Associates, from Dun & Bradstreet source data) is an establishment-level panel tracking US establishments annually from the early 1990s: location, industry, employment, sales, and ownership links. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Open Source Asset Pricing (Chen-Zimmermann) : How to pull 212 firm-level anomaly signals and pre-built long-short portfolio returns for free: the list-not-string trap, the 1.6 GB bulk trap, and the CRSP-merge-already-done point, for automated pipelines.
Orbis (Bureau van Dijk): global firm financials and ownership (licensed) : Orbis (Bureau van Dijk / Moody's Analytics) is a global firm-level database covering financial statements, ownership and corporate-structure links, and firm identifiers for public and private companies across countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Preqin: private-capital and hedge-fund data (licensed) : Preqin is a fund-level database of private capital (private equity, venture, private debt, real assets) and hedge funds: fund sizes, vintages, returns, cash flows, and limited-partner commitments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Revelio Labs: workforce and human-capital data (licensed) : Revelio Labs builds a firm-level workforce panel from public professional profiles and job postings: headcount, hiring and attrition, role and seniority mix, and education. It is a paid subscription: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session on 2026-06-09.
Thomson Reuters institutional (13F) holdings: the s34 database (licensed) : The Thomson Reuters / Refinitiv (now LSEG) Institutional (13F) Holdings database, known by its WRDS table family "s34", is a manager-by-quarter panel of US institutional equity holdings built from SEC Form 13F filings. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Trucost: firm-level environmental and carbon data (licensed) : Trucost (S&P Global) is a firm-level environmental panel: scope 1, 2, and 3 greenhouse-gas emissions, intensities, and other environmental metrics, with much of it modeled rather than disclosed. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
WRDS / CRSP / Compustat: the paywalled core (academic access) : WRDS (CRSP, Compustat, IBES, OptionMetrics…) is not free, but most universities license it. How affiliated researchers get access, and what the free sources here can and cannot substitute for it.

Data shape time-series

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Barro-Ursua macroeconomic database : The Barro-Ursua database is a long-run cross-country panel of annual real per-capita GDP and consumption, assembled to study macroeconomic disasters. It is a free academic dataset; the canonical host blocked automated fetches from this session, so the download was not exercised here.
BIS Effective Exchange Rate Indices (EER) : How to pull the BIS nominal and real effective exchange rate indices from the no-key BIS statistics API, and the gotchas that bite pipelines (real vs nominal, narrow vs broad basket, an up-move means appreciation, the index is rebased not a level).
Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
CFTC Commitments of Traders (COT) : How to pull weekly aggregate futures positions by trader category from the CFTC, including the Traders in Financial Futures report, the no-key history-file download, and the gotchas that bite pipelines.
DFA: Distributional Financial Accounts (Federal Reserve) : How to download the Federal Reserve Board's Distributional Financial Accounts, which give quarterly estimates of US household wealth distribution by wealth percentile, generation, education, and race, reconciled to Z.1 aggregates, with no key required.
ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.
EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.
FDIC Quarterly Banking Profile & BankFind financials : How to read the FDIC Quarterly Banking Profile (aggregate quarterly bank condition and income) and pull the institution-level BankFind financials API behind it, with the no-key access recipe and the gotchas that bite pipelines.
FHFA House Price Index (HPI) : How to pull the FHFA repeat-sales house price index from the no-key master CSV, the ZIP-code developmental indexes, and the gotchas that bite pipelines (purchase-only vs all-transactions, NSA vs SA, the ZIP files are annual).
Flow of Funds: Financial Accounts of the United States (Z.1) : How to pull the Federal Reserve's Z.1 Financial Accounts (sector balance sheets and flows for the whole US economy) for free with no key, how to read the per-table CSV package and series-code grammar, and the levels-vs-flows gotchas that bite pipelines.
FRED: Federal Reserve Economic Data : How to pull macro and financial time series from FRED for free, including the no-API-key fallback, the series you actually need for finance and macro calibration, and the gotchas that bite automated pipelines.
GSW: Gurkaynak-Sack-Wright Treasury yield curve : How to pull the Federal Reserve staff's daily fitted US Treasury zero-coupon yield curve (Svensson model, 1961 to present) for free with no key, which mnemonic is which, and the header and compounding gotchas that bite pipelines.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
IMF International Financial Statistics (IFS) : How to pull cross-country macro and external-sector series from the IMF, including the no-key DataMapper API, the SDMX data portal, and the gotchas that bite pipelines (database moves, units, missing-period gaps).
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
Ken French Data Library: factors & test portfolios : How to pull Fama-French factors, momentum, and sorted test portfolios for free: the percent-not-decimal trap, the header-rows trap, and the monthly/annual-in-one-file trap, for automated pipelines.
NBER Business Cycle Dates : How to pull the NBER U.S. business cycle peak and trough reference dates as JSON with no API key, plus the gotchas that bite pipelines (announcement lag, day-component conventions, committee judgment versus the GDP rule).
NIPA: National Income and Product Accounts (BEA) : How to pull the US National Income and Product Accounts (GDP and its components) from the BEA for free, the no-key static-file fallback as well as the API, and the units, revision, and table-vs-series gotchas that bite pipelines.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Refinitiv Datastream: global time-series of prices and macro series (licensed) : Datastream is Refinitiv's (LSEG) historical financial time-series database covering equities, bonds, commodities, indices, exchange rates, interest rates, options/futures, and a large library of macroeconomic series across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).

Data shape cross-section

Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.
EPA Supply Chain GHG Emission Factors : How to pull the EPA's NAICS-level supply-chain greenhouse-gas emission factors from the no-key CSV, the with-margins vs without-margins distinction, and the gotchas that bite pipelines (NAICS vintage, USD year, version).
Facebook Social Connectedness Index (SCI) : How to pull Meta's Social Connectedness Index (SCI) as no-key bulk CSVs from the Humanitarian Data Exchange, plus the gotchas that bite pipelines (it is a rescaled relative measure not a count, symmetric with both directions stored, the diagonal dominates, and region codes differ by file).
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
SCF: Survey of Consumer Finances : How to pull the Federal Reserve's Survey of Consumer Finances summary extract (US household wealth, debt, income, and portfolios) for free with no key, why the file has five rows per household, and the weighting and imputation gotchas that bite pipelines.
SEC Form ADV (via IAPD): investment-adviser registration : How to pull investment-adviser registration data from the SEC for free via IAPD: the firm report, the search API, and the bulk structured feed, plus why Form ADV lives outside EDGAR and the gotchas that bite fund-classification pipelines.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.

Data shape event-data

Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.
Maryland Judiciary Case Search : Maryland's free public court record lookup, why automated access is prohibited (CAPTCHA added March 2022, HTTP 403 to bots), how bulk access via a Public Information Act request works, and the data-use restrictions on individual records.
NOAA hurricane track data (HURDAT2 / NHC) : NOAA National Hurricane Center best-track tropical-cyclone data (HURDAT2): 6-hourly positions, winds, pressure, and landfalls, with the no-key text-file download recipe and the gotchas that bite pipelines.
NYSE TAQ: trade and quote microstructure data (licensed) : NYSE TAQ (Trade and Quote) is a tick-level database of intraday trades and quotes for all US-listed equities on the consolidated tape, covering two lineages: Monthly TAQ (1993 onward) and Daily TAQ (millisecond to nanosecond stamps, 2003/2014+), reached by most academics through WRDS. It is licensed: the access path was exercised through a licensed WRDS session.
PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.
RavenPack: news and event analytics (licensed) : RavenPack turns text news into structured, timestamped entity-event records with sentiment, relevance, and novelty scores. It is a paid subscription: this page documents the access path and the gotchas that bite event-study pipelines, but the data was not exercised here.
RepRisk: ESG risk-incident data (licensed) : RepRisk is a daily firm-level feed of negative environmental, social, and governance incidents sourced from media and stakeholder reports, scored for severity, reach, and novelty across 28 issue categories. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
SDC Platinum: M&A and new-issues deal data (licensed) : SDC Platinum is the standard deal-level database of mergers and acquisitions and new security issues (IPOs, SEOs, debt), assembled by LSEG / Refinitiv. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
SEC EDGAR: filings, financials, full-text search : How to pull SEC filings, XBRL financial facts, insider trades, and institutional holdings from EDGAR for free: the User-Agent trap, the 10 req/s limit, and XBRL-vs-text, for automated pipelines.
Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.

Source federal-reserve

Confidential federal funds transaction data (restricted access) : Confidential, transaction-level federal funds borrowing and lending records held by the Federal Reserve, beyond what published benchmark rates reveal. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
DFA: Distributional Financial Accounts (Federal Reserve) : How to download the Federal Reserve Board's Distributional Financial Accounts, which give quarterly estimates of US household wealth distribution by wealth percentile, generation, education, and race, reconciled to Z.1 aggregates, with no key required.
Federal Reserve discount window lending (restricted access) : Loan-level records of Federal Reserve discount window borrowing (primary credit and related facilities). Contemporaneous borrower-level data is confidential; transaction details are released only with a statutory lag. This page documents what it is and the gotchas, but it was not exercised here.
Fedwire Funds Service: payment-level transaction data (restricted access) : Fedwire transaction data is the Federal Reserve's confidential record of real-time gross-settlement interbank payments: sender, receiver, value, and timestamp. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.
Flow of Funds: Financial Accounts of the United States (Z.1) : How to pull the Federal Reserve's Z.1 Financial Accounts (sector balance sheets and flows for the whole US economy) for free with no key, how to read the per-table CSV package and series-code grammar, and the levels-vs-flows gotchas that bite pipelines.
FR 2004C: weekly primary-dealer positions (restricted access) : FR 2004C is the dealer-level detail behind the Federal Reserve Bank of New York's weekly primary-dealer statistics: positions, transactions, and financing in government and other securities. Only aggregates are published; the dealer-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR 2052a: Complex Institution Liquidity Monitoring Report (restricted access) : FR 2052a is the Federal Reserve's confidential liquidity-monitoring collection from large banking organizations: daily and monthly cash inflows and outflows by counterparty, product, and maturity. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FR 2420: Report of Selected Money Market Rates (restricted access) : FR 2420 is the Federal Reserve's confidential transaction-level collection of money-market rates: federal funds, Eurodollars, and certificates of deposit from banks and FBOs. It underlies published benchmarks but the transaction data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR 2644: Weekly Report of Selected Assets and Liabilities (restricted access) : FR 2644 is the Federal Reserve's confidential weekly bank balance-sheet collection from a sample of domestic banks and FBO branches. It underlies the published H.8 aggregates but the bank-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
FR Y-14Q: confidential bank supervisory data (restricted access) : FR Y-14Q is the Federal Reserve's quarterly stress-test data collection from large bank holding companies: loan-level corporate (H.1) and commercial real estate (H.2) records and more. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
FRED: Federal Reserve Economic Data : How to pull macro and financial time series from FRED for free, including the no-API-key fallback, the series you actually need for finance and macro calibration, and the gotchas that bite automated pipelines.
GSW: Gurkaynak-Sack-Wright Treasury yield curve : How to pull the Federal Reserve staff's daily fitted US Treasury zero-coupon yield curve (Svensson model, 1961 to present) for free with no key, which mnemonic is which, and the header and compounding gotchas that bite pipelines.
NIC supervisory data: CAMELS ratings and BHC structure (restricted access) : The Federal Reserve's National Information Center holds confidential CAMELS supervisory ratings alongside public bank holding company structure and ownership history. The ratings are confidential; the structure data is public. This page documents what it is and the gotchas, but the ratings were not exercised here.
SCF: Survey of Consumer Finances : How to pull the Federal Reserve's Survey of Consumer Finances summary extract (US household wealth, debt, income, and portfolios) for free with no key, why the file has five rows per household, and the weighting and imputation gotchas that bite pipelines.
STBL: Survey of Terms of Business Lending (restricted access) : The Federal Reserve's Survey of Terms of Business Lending collected loan-level commercial-and-industrial loan terms and internal risk ratings from reporting banks. Aggregates were published (E.2); the loan-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Source bea

BEA Input-Output Accounts : How to pull the BEA Input-Output Accounts (Use, Make/Supply, and Requirements tables) for free with a registered API key, the table IDs you actually need to build upstreamness and production-network measures, and the gotchas that bite pipelines.
NIPA: National Income and Product Accounts (BEA) : How to pull the US National Income and Product Accounts (GDP and its components) from the BEA for free, the no-key static-file fallback as well as the API, and the units, revision, and table-vs-series gotchas that bite pipelines.

Source sec

SEC EDGAR: filings, financials, full-text search : How to pull SEC filings, XBRL financial facts, insider trades, and institutional holdings from EDGAR for free: the User-Agent trap, the 10 req/s limit, and XBRL-vs-text, for automated pipelines.
SEC Form ADV (via IAPD): investment-adviser registration : How to pull investment-adviser registration data from the SEC for free via IAPD: the firm report, the search API, and the bulk structured feed, plus why Form ADV lives outside EDGAR and the gotchas that bite fund-classification pipelines.

Source dol

DOL Form 5500: ERISA pension & welfare plan filings : How to pull DOL Form 5500 plan filings and schedules for free: the apex-redirect-hangs-urllib trap, the ACK_ID-not-EIN join key, and the "Latest is unstable" trap, for automated pipelines.

Source fdic

FDIC confidential supervisory and account-level deposit data (restricted access) : Confidential FDIC microdata: account-level deposit balances and transactions for a failed bank, plus supervisory enforcement actions and brokered-deposit waivers. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.
FDIC construction-loan servicing records (restricted access) : Loan-level construction-loan servicing data for a single failed bank held by the FDIC: terms, draw requests, on-site inspection reports, and outcomes. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
FDIC failed-bank bidding and resolution records (restricted access) : Bid-level records from FDIC bank-failure resolutions: bidder identities, bid terms, the FDIC's least-cost estimates, and loss-share claims. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
FDIC Quarterly Banking Profile & BankFind financials : How to read the FDIC Quarterly Banking Profile (aggregate quarterly bank condition and income) and pull the institution-level BankFind financials API behind it, with the no-key access recipe and the gotchas that bite pipelines.
FDIC Summary of Deposits (SOD) : How to pull branch-level deposit data from the FDIC Summary of Deposits for free, with no API key, including the headquarters-booking distortion and the other gotchas that bite branch-geography pipelines.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.

Source cfpb

HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
NSMO: National Survey of Mortgage Originations : How to access the NSMO public-use file from FHFA, covering borrower shopping behavior, mortgage knowledge, and satisfaction linked to administrative credit and servicing data, plus the gotchas that bite pipelines working with survey-weighted microdata.

Source academic

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Barro-Ursua macroeconomic database : The Barro-Ursua database is a long-run cross-country panel of annual real per-capita GDP and consumption, assembled to study macroeconomic disasters. It is a free academic dataset; the canonical host blocked automated fetches from this session, so the download was not exercised here.
CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.
Flexible data-mining strategies (Chen-Lopez-Lira-Zimmermann) : How to get ~30,000 data-mined long-short strategies and the signal-theory classification for free: the gdown-for-Drive trap, the size trap, and start-from-the-small-file tip, for automated pipelines.
Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.
Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
Ken French Data Library: factors & test portfolios : How to pull Fama-French factors, momentum, and sorted test portfolios for free: the percent-not-decimal trap, the header-rows trap, and the monthly/annual-in-one-file trap, for automated pipelines.
NBER Working Papers : How to pull NBER working paper metadata and full-text PDFs with no API key: the undocumented listing API, the predictable PDF path, and the gotchas that bite pipelines (copyright/redistribution, gated subset, undocumented API, displaydate strings, working-paper numbering).
NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.
Open Source Asset Pricing (Chen-Zimmermann) : How to pull 212 firm-level anomaly signals and pre-built long-short portfolio returns for free: the list-not-string trap, the 1.6 GB bulk trap, and the CRSP-merge-already-done point, for automated pipelines.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.
Titlon Oslo Stock Exchange data (licensed) : Titlon is the University of Tromso's financial database for the Oslo Stock Exchange: prices, returns, shares outstanding, and accounting data for Nordic listed firms. It is free to Nordic academic users but credential-gated, not openly public; this page documents the access path and the gotchas, and the data was not exercised here.
TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).

Source wrds

CRSP Mutual Funds + Thomson holdings: the survivor-bias-free fund panel (licensed) : The CRSP Survivor-Bias-Free Mutual Fund Database (returns, TNA, fees, CRSP holdings) and the Thomson Reuters Mutual Fund Holdings (s12), linked by MFLINKS, are the standard US open-end mutual-fund panel. Licensed via WRDS: this page documents the access path and the gotchas; the path was exercised through a licensed WRDS session.
FINRA TRACE: corporate bond transactions (licensed) : TRACE (Trade Reporting and Compliance Engine) is FINRA's facility for secondary-market transaction reporting in US fixed-income securities, primarily corporate bonds. The version used by most academic researchers is the historical Enhanced TRACE file, reached for most researchers through WRDS. It is licensed: this page documents the access path and the gotchas, and the keystone query was exercised through a licensed WRDS session.
NYSE TAQ: trade and quote microstructure data (licensed) : NYSE TAQ (Trade and Quote) is a tick-level database of intraday trades and quotes for all US-listed equities on the consolidated tape, covering two lineages: Monthly TAQ (1993 onward) and Daily TAQ (millisecond to nanosecond stamps, 2003/2014+), reached by most academics through WRDS. It is licensed: the access path was exercised through a licensed WRDS session.
Thomson Reuters institutional (13F) holdings: the s34 database (licensed) : The Thomson Reuters / Refinitiv (now LSEG) Institutional (13F) Holdings database, known by its WRDS table family "s34", is a manager-by-quarter panel of US institutional equity holdings built from SEC Form 13F filings. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
WRDS / CRSP / Compustat: the paywalled core (academic access) : WRDS (CRSP, Compustat, IBES, OptionMetrics…) is not free, but most universities license it. How affiliated researchers get access, and what the free sources here can and cannot substitute for it.

Dataset data:401k-admin

401(k) plan administrative records (restricted access) : Plan-administration microdata from a large U.S. retirement-plan recordkeeper: participant portfolio allocations, participation, contribution rates, and plan defaults across many plans. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Dataset data:acs

American Community Survey (ACS) : How to pull American Community Survey estimates from the Census Bureau API (free key) or the no-key bulk files, and the gotchas that bite pipelines (1-year vs 5-year, every estimate has a margin of error, table-code churn, geographies are vintaged, it is a sample not a count).
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.

Dataset data:act-scores cited in a paper; no wiki page yet

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.

Dataset data:aha-annual-survey

AHA Annual Survey Database (licensed) : The American Hospital Association Annual Survey Database tracks U.S. hospital services, operations, beds, staffing, and system affiliation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Dataset data:aids-public-info cited in a paper; no wiki page yet

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.

Dataset data:alexander-incentives cited in a paper; no wiki page yet

Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.

Dataset data:amsterdam-city-data cited in a paper; no wiki page yet

Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.

Dataset data:amsterdam-housing-transactions

Amsterdam historical housing prices and rents : How to pull the long-run Amsterdam house-price and rent series compiled by Eichholtz, Korevaar, Francke and co-authors as no-login Excel files, plus the gotchas (the compiled panels are separate from the raw City Archives, the hosting is personal Google Drive with link rot, and several distinct series must not be spliced).
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.

Dataset data:ancestry-death-records

Ancestry.com death and genealogical records (licensed) : Ancestry.com aggregates death indexes, obituaries, and genealogical records used to date individual births and deaths (for example to build executive mortality panels). It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.

Dataset data:anfr cited in a paper; no wiki page yet

Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Dataset data:arcos cited in a paper; no wiki page yet

Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Dataset data:asif cited in a paper; no wiki page yet

Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.

Dataset data:ats-records cited in a paper; no wiki page yet

Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Dataset data:audit-analytics

Audit Analytics: auditor, disclosure, and restatement data (licensed) : Audit Analytics is the standard database of audit- and disclosure-related corporate events drawn from SEC filings: auditor identity and fees, auditor changes, internal-control opinions, financial-statement restatements, late filings, and litigation. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:awcs cited in a paper; no wiki page yet

Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.

Dataset data:baci cited in a paper; no wiki page yet

Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.

Dataset data:banco-de-portugal-credit-register cited in a paper; no wiki page yet

When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.

Dataset data:bank-of-italy-credit-register

Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Italian Credit Register (Centrale dei Rischi, restricted access) : The Centrale dei Rischi is the Bank of Italy's confidential credit register: firm-bank loan quantities and interest rates above a reporting threshold, alongside the Or.So. bank-board register and supervisory balance-sheet reports. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:bank-proprietary

Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
German bank proprietary customer data (restricted access) : Individual-level customer records (product holdings, wealth, income, equity participation) from one anonymous German bank, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:banorte-experiment

Banorte bank-account panel and savings experiment (Mexico, restricted access) : Individual-level account and transaction records for millions of customers of one Mexican bank (Banorte), plus a randomized savings field experiment run with the bank. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.

Dataset data:barber-odean-brokerage cited in a paper; no wiki page yet

Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.

Dataset data:barro-ursua

Barro-Ursua macroeconomic database : The Barro-Ursua database is a long-run cross-country panel of annual real per-capita GDP and consumption, assembled to study macroeconomic disasters. It is a free academic dataset; the canonical host blocked automated fetches from this session, so the download was not exercised here.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.

Dataset data:bea-fixed-assets cited in a paper; no wiki page yet

Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.

Dataset data:bea-io

BEA Input-Output Accounts : How to pull the BEA Input-Output Accounts (Use, Make/Supply, and Requirements tables) for free with a registered API key, the table IDs you actually need to build upstreamness and production-network measures, and the gotchas that bite pipelines.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.

Dataset data:bhps cited in a paper; no wiki page yet

Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Dataset data:bilendi-survey

Bilendi commissioned online survey (Germany, restricted access) : An author-commissioned representative online survey of Germans, fielded through the panel provider Bilendi, with individual-level responses on attitudes and financial behavior. It is a bespoke confidential collection, not an off-the-shelf product. This page documents what it is and the gotchas, but it was not exercised here.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Dataset data:bis cited in a paper; no wiki page yet

Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.

Dataset data:bis-entity-list cited in a paper; no wiki page yet

Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Dataset data:bis-rer

BIS Effective Exchange Rate Indices (EER) : How to pull the BIS nominal and real effective exchange rate indices from the no-key BIS statistics API, and the gotchas that bite pipelines (real vs nominal, narrow vs broad basket, an up-move means appreciation, the index is rebased not a level).
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.

Dataset data:bloomberg

Bloomberg: terminal market data (licensed) : Bloomberg (Bloomberg L.P.) is a market-data terminal and data-feed service covering spot and forward FX, money-market and OIS rates, futures, government and corporate bond yields, inflation swaps, equities, and derived analytics, retrieved by Bloomberg ticker and field. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:bloomberg-law cited in a paper; no wiki page yet

Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.

Dataset data:bls

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Bureau of Labor Statistics (BLS) : How to pull BLS labor-force, employment, wage, and price series from the public data API with no key, plus the QCEW county wage files, and the series-ID and revision gotchas that bite pipelines.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.

Dataset data:blue-chip-forecasts

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Blue Chip Financial Forecasts (licensed) : Blue Chip Financial Forecasts (Wolters Kluwer) is a monthly survey of professional forecasters' interest-rate and macro projections, widely used to measure forecast consensus and dispersion. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.

Dataset data:boardex cited in a paper; no wiki page yet

Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.

Dataset data:bonica-dime cited in a paper; no wiki page yet

Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.

Dataset data:bse-intraday cited in a paper; no wiki page yet

Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.

Dataset data:bsz cited in a paper; no wiki page yet

Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.

Dataset data:bureau-van-dijk-zephyr

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Bureau van Dijk Zephyr: M&A and deals (licensed) : Bureau van Dijk Zephyr (Moody's) is a global database of M&A, IPO, private-equity, and venture deals, linkable to the Orbis firm universe. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:burning-glass cited in a paper; no wiki page yet

Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Dataset data:bvx cited in a paper; no wiki page yet

Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.

Dataset data:call-reports

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
FFIEC Call Reports: US bank condition and income filings : How to pull US bank Call Report data for free: the FDIC financials JSON API (with the host move and amounts-in-thousands trap), the FFIEC bulk schedules, the CERT/RSSD identifiers, the RCFD-vs-RCON codes, and the YTD-income trap.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.

Dataset data:capex-cmie cited in a paper; no wiki page yet

Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Dataset data:capital-iq

ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
S&P Capital IQ: company, capital-structure, and transactions data (licensed) : S&P Capital IQ is S&P Global Market Intelligence's platform covering public and private companies worldwide: detailed capital-structure and debt data, company financials, people, M&A and private-equity transactions, and key developments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Dataset data:cboe-options

Cboe options and volatility data (licensed) : Cboe Global Markets options and volatility data: index and equity option quotes and trades, the VIX and related volatility indices, and historical files via Cboe DataShop. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:cboe-vix cited in a paper; no wiki page yet

Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.

Dataset data:cbs-netherlands cited in a paper; no wiki page yet

Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.

Dataset data:cces cited in a paper; no wiki page yet

Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Dataset data:cdc-hiv-surveillance cited in a paper; no wiki page yet

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.

Dataset data:cdli cited in a paper; no wiki page yet

The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.

Dataset data:census

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
U.S. Census Bureau public data : How to pull U.S. Census Bureau public data products (BDS, QWI, ACS, CBP, population estimates) for free, covering the bulk no-key flat-file path and the api.census.gov API, with the gotchas that bite automated pipelines.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Dataset data:census-bds cited in a paper; no wiki page yet

Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.

Dataset data:census-of-governments cited in a paper; no wiki page yet

Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.

Dataset data:cerved

Cerved: Italian company financials (licensed) : Cerved (Cerved Group) provides balance-sheet, income-statement, and credit information for Italian incorporated companies, including private firms. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Dataset data:cex-us cited in a paper; no wiki page yet

Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.

Dataset data:cftc-cot

CFTC Commitments of Traders (COT) : How to pull weekly aggregate futures positions by trader category from the CFTC, including the Traders in Financial Futures report, the no-key history-file download, and the gotchas that bite pipelines.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:chicago-police-dept cited in a paper; no wiki page yet

Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.

Dataset data:china-land-transaction cited in a paper; no wiki page yet

Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.

Dataset data:china-marketization-index cited in a paper; no wiki page yet

Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.

Dataset data:china-real-estate-yearbook cited in a paper; no wiki page yet

Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.

Dataset data:china-shadow-margin

China shadow-margin lending data (single provider, restricted access) : Daily stock-level off-exchange ("shadow") margin balances from one large Chinese lending platform, used to study the 2015 boom and bust. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).

Dataset data:clarity-services

Clarity Services: alternative-credit bureau (licensed) : Clarity Services (an Experian company) is a specialty credit bureau for subprime and alternative credit: payday, installment, and other nonprime loan records. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.

Dataset data:clearspending cited in a paper; no wiki page yet

Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.

Dataset data:cma-weather cited in a paper; no wiki page yet

Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.

Dataset data:cmie-prowess cited in a paper; no wiki page yet

Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Dataset data:cms-medicare cited in a paper; no wiki page yet

Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.

Dataset data:cms-quality

CMS Hospital Quality & Patient-Outcome Metrics (Care Compare) : How to pull CMS hospital quality measures (mortality, readmissions, complications, HCAHPS patient satisfaction) from the no-key Provider Data Catalog API, and the gotchas that bite pipelines (risk-adjusted not raw, suppressed small cells, measures and vintages change, footnote codes).
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Dataset data:cnrds cited in a paper; no wiki page yet

Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.

Dataset data:college-board-sat cited in a paper; no wiki page yet

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.

Dataset data:compustat-global

Compustat Global: non-US company fundamentals (licensed) : Compustat Global is S&P Global Market Intelligence's database of fundamental and market data for publicly traded companies outside North America, standardized into a common data model for cross-country comparison. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Dataset data:compustat-segments

Compustat Segments: business- and geographic-segment financials (licensed) : Compustat Segment data reports financials below the consolidated firm level, by line of business and by geography, as disclosed under segment-reporting accounting standards. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:comtrade cited in a paper; no wiki page yet

Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.

Dataset data:consensus-economics

Consensus Economics forecast surveys (licensed) : Consensus Economics surveys a panel of professional forecasters for cross-country macro and exchange-rate projections at several horizons. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.

Dataset data:corelogic

Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
CoreLogic: property and housing microdata (licensed) : CoreLogic (Cotality) is a US property database: deed transactions, tax and assessor records, repeat-sales house-price indices, and foreclosure data at the property and zip-code level. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.

Dataset data:costar

CoStar: commercial real estate transactions (licensed) : CoStar (CoStar Group) is a commercial-real-estate database: property-level records of completed sales, listings, leases, assessments, and physical/location characteristics across US markets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.

Dataset data:cps cited in a paper; no wiki page yet

Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Dataset data:cps-admin cited in a paper; no wiki page yet

Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.

Dataset data:cps-dws cited in a paper; no wiki page yet

Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Dataset data:cps-org cited in a paper; no wiki page yet

Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Dataset data:cq-press cited in a paper; no wiki page yet

Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.

Dataset data:cra-ffiec

CRA disclosure data (FFIEC) : How the FFIEC Community Reinvestment Act small-business, small-farm, and community-development lending files are structured, plus why a pipeline cannot fetch them no-key (the FFIEC host returns a Cloudflare challenge to automated requests), the fixed-width record-type layouts, and the disclosure vs aggregate vs transmittal split.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.

Dataset data:crane-mmf

Crane Data: money market fund holdings and assets (licensed) : Crane Data LLC is a money-market-fund (MMF) data service covering monthly fund-level total net assets, yields, and portfolio holdings (instrument type, issuer, maturity) for US money-market funds. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:crsp-mutual-funds

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
CRSP Mutual Funds + Thomson holdings: the survivor-bias-free fund panel (licensed) : The CRSP Survivor-Bias-Free Mutual Fund Database (returns, TNA, fees, CRSP holdings) and the Thomson Reuters Mutual Fund Holdings (s12), linked by MFLINKS, are the standard US open-end mutual-fund panel. Licensed via WRDS: this page documents the access path and the gotchas; the path was exercised through a licensed WRDS session.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.

Dataset data:crunchbase

Crunchbase: startup and funding data (licensed) : Crunchbase is a commercial database of startups, funding rounds, investors, and company characteristics. A limited free tier exists, but research-grade bulk access is licensed. This page documents the access path and the gotchas, but the data was not exercised here.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.

Dataset data:csmar

Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
CSMAR: China Stock Market & Accounting Research (licensed) : CSMAR is the standard vendor database of Chinese listed-firm prices, financials, ownership, and market microstructure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.

Dataset data:dartmouth-atlas

Dartmouth Atlas of Health Care : How to pull the Dartmouth Atlas ZIP-to-HSA-to-HRR geographic crosswalk and regional health-care utilization measures from the no-key data downloads, and the gotchas that bite pipelines (HSA/HRR are care markets not Census geographies, the crosswalk vintage matters, utilization is age-sex-adjusted).
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Dataset data:datamyne cited in a paper; no wiki page yet

Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).

Dataset data:datastream

Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Refinitiv Datastream: global time-series of prices and macro series (licensed) : Datastream is Refinitiv's (LSEG) historical financial time-series database covering equities, bonds, commodities, indices, exchange rates, interest rates, options/futures, and a large library of macroeconomic series across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.

Dataset data:dealscan

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
LPC DealScan: syndicated-loan data (licensed) : DealScan (LSEG / LPC) is a deal-level database of syndicated and large corporate loans: facility pricing, amounts, maturities, covenants, and lender shares, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.

Dataset data:dfa

DFA: Distributional Financial Accounts (Federal Reserve) : How to download the Federal Reserve Board's Distributional Financial Accounts, which give quarterly estimates of US household wealth distribution by wealth percentile, generation, education, and race, reconciled to Z.1 aggregates, with no key required.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.

Dataset data:dhs cited in a paper; no wiki page yet

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.

Dataset data:discount-window-confidential

Federal Reserve discount window lending (restricted access) : Loan-level records of Federal Reserve discount window borrowing (primary credit and related facilities). Contemporaneous borrower-level data is confidential; transaction details are released only with a statutory lag. This page documents what it is and the gotchas, but it was not exercised here.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.

Dataset data:dol cited in a paper; no wiki page yet

Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.

Dataset data:dot cited in a paper; no wiki page yet

Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.

Dataset data:dtcc

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
DTCC commercial paper transaction data (restricted access) : Transaction-level commercial paper issuance records (issuer, volume, rate, maturity) from DTCC, used in money-market and bank-funding research. It is confidential, not an off-the-shelf feed. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:ebay-best-offer cited in a paper; no wiki page yet

How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.

Dataset data:ecb-data-warehouse

ECB Data Portal (Statistical Data Warehouse) : How to pull euro-area macro, monetary, and Eurosystem balance-sheet series from the ECB, including the no-key data-api CSV endpoint, series-key structure, and the gotchas that bite pipelines.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.

Dataset data:edgar

Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
SEC EDGAR: filings, financials, full-text search : How to pull SEC filings, XBRL financial facts, insider trades, and institutional holdings from EDGAR for free: the User-Agent trap, the 10 req/s limit, and XBRL-vs-text, for automated pipelines.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.

Dataset data:eff-spain cited in a paper; no wiki page yet

Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.

Dataset data:eia cited in a paper; no wiki page yet

Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.

Dataset data:eia-electricity

Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
EIA Electricity Data : How to pull US Energy Information Administration electricity data (retail sales and prices, generation by fuel, plant-level operations, CO2 emission factors) from the EIA API v2 with a free key, plus the bracket-encoding, row-limit, and facet gotchas that bite pipelines.

Dataset data:emaxx

Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Lipper eMAXX fixed-income holdings (licensed) : Lipper eMAXX (LSEG / Refinitiv) is the standard CUSIP-level database of fixed-income holdings for insurers, mutual funds, ETFs, and annuities. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.

Dataset data:enaho-peru cited in a paper; no wiki page yet

Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.

Dataset data:enigh-mexico cited in a paper; no wiki page yet

Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.

Dataset data:epa-tri

EPA Toxics Release Inventory (TRI) : Facility-by-chemical annual reports of toxic chemical releases and waste management from the U.S. EPA, with the no-key bulk CSV and Envirofacts REST recipes and the gotchas that bite pipelines.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.

Dataset data:epf-spain cited in a paper; no wiki page yet

Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.

Dataset data:equifax

Equifax traditional credit-bureau data (licensed) : Equifax traditional consumer credit-bureau records (installment and revolving balances, limits, credit scores) obtained under a commercial research licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.

Dataset data:equifax-credit

Equifax consumer-credit records (restricted access) : Individual-level consumer credit microdata from Equifax (balances, delinquency, scores, account types), often reached as an anonymized matched panel, plus Equifax payroll-based employment and income verification. It is restricted PII, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.

Dataset data:esr-china cited in a paper; no wiki page yet

Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.

Dataset data:euroclear-finland cited in a paper; no wiki page yet

Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.

Dataset data:eurodollar-futures

Eurodollar futures intraday prices (licensed) : Intraday (tick) Eurodollar futures prices from CME Group, the standard instrument for high-frequency monetary-policy-surprise identification around FOMC announcements. Daily settlements are public; the intraday windows are licensed. This page documents the access path and the gotchas, but the data was not exercised here.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.

Dataset data:eurostat-esa cited in a paper; no wiki page yet

Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.

Dataset data:faads cited in a paper; no wiki page yet

Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.

Dataset data:facebook-sci

Facebook Social Connectedness Index (SCI) : How to pull Meta's Social Connectedness Index (SCI) as no-key bulk CSVs from the Humanitarian Data Exchange, plus the gotchas that bite pipelines (it is a rescaled relative measure not a count, symmetric with both directions stored, the diagonal dominates, and region codes differ by file).
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.

Dataset data:factiva cited in a paper; no wiki page yet

Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.

Dataset data:factset cited in a paper; no wiki page yet

Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.

Dataset data:factset-lionshares

FactSet LionShares: institutional ownership (licensed) : FactSet LionShares (FactSet Ownership) is a commercial source for global institutional and fund holdings, with institution classification. It is a paid subscription: this page documents the access path and the gotchas that bite ownership pipelines, but the data was not exercised here.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.

Dataset data:factset-revere

FactSet Revere: supply-chain relationships (licensed) : FactSet Revere is FactSet's database of inter-firm business relationships (supplier, customer, competitor, partner) compiled from company filings, presentations, and disclosures. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Dataset data:faircent cited in a paper; no wiki page yet

How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.

Dataset data:fannie-freddie

Fannie Mae & Freddie Mac single-family loan-level data : How the GSE single-family loan-level acquisition and performance datasets are structured and accessed, why a pipeline cannot pull them no-key (both are free but registration-gated behind a click-through), the acquisition vs performance split, the pipe-delimited vs CSV format difference, and the quarterly vintages.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.

Dataset data:fannie-mae cited in a paper; no wiki page yet

Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.

Dataset data:fbi-ucr cited in a paper; no wiki page yet

Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.

Dataset data:fdic

Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
FDIC Quarterly Banking Profile & BankFind financials : How to read the FDIC Quarterly Banking Profile (aggregate quarterly bank condition and income) and pull the institution-level BankFind financials API behind it, with the no-key access recipe and the gotchas that bite pipelines.

Dataset data:fdic-construction-loans

Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
FDIC construction-loan servicing records (restricted access) : Loan-level construction-loan servicing data for a single failed bank held by the FDIC: terms, draw requests, on-site inspection reports, and outcomes. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:fdic-failed-bank

FDIC failed-bank bidding and resolution records (restricted access) : Bid-level records from FDIC bank-failure resolutions: bidder identities, bid terms, the FDIC's least-cost estimates, and loss-share claims. It is confidential FDIC data. This page documents what it is and the gotchas, but it was not exercised here.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.

Dataset data:fdic-failures cited in a paper; no wiki page yet

Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.

Dataset data:fdic-sdi cited in a paper; no wiki page yet

Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.

Dataset data:fdic-sod cited in a paper; no wiki page yet

Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.

Dataset data:fdic-summary-of-deposits

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
FDIC Summary of Deposits (SOD) : How to pull branch-level deposit data from the FDIC Summary of Deposits for free, with no API key, including the headquarters-booking distortion and the other gotchas that bite branch-geography pipelines.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.

Dataset data:fdic-supervisory

Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
FDIC confidential supervisory and account-level deposit data (restricted access) : Confidential FDIC microdata: account-level deposit balances and transactions for a failed bank, plus supervisory enforcement actions and brokered-deposit waivers. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:fec cited in a paper; no wiki page yet

Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.

Dataset data:fed-funds-confidential

Confidential federal funds transaction data (restricted access) : Confidential, transaction-level federal funds borrowing and lending records held by the Federal Reserve, beyond what published benchmark rates reveal. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.

Dataset data:fed-greenbook cited in a paper; no wiki page yet

Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).

Dataset data:federal-register

Federal Register : The daily journal of U.S. federal agency Rules, Proposed Rules, and Notices, with full text from 1994 via the federalregister.gov API. Covers the no-key access recipe and the gotchas that bite pipelines.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.

Dataset data:fedwire

Fedwire Funds Service: payment-level transaction data (restricted access) : Fedwire transaction data is the Federal Reserve's confidential record of real-time gross-settlement interbank payments: sender, receiver, value, and timestamp. It is restricted supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.

Dataset data:fek-sweden

FEK: Swedish Structural Business Statistics (restricted access) : FEK is Statistics Sweden's firm-level structural business statistics: employment, payroll, productivity, and balance-sheet items for Swedish firms. It is restricted administrative microdata accessed in SCB's secure environment. This page documents what it is and the gotchas, but it was not exercised here.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Dataset data:ffiec-call-reports cited in a paper; no wiki page yet

Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.

Dataset data:fha

FHA single-family mortgage data : HUD publishes public aggregate data on FHA-insured single-family mortgages, but the loan-level origination-and-performance microdata used in default research is restricted administrative data. This page documents both and the gotchas; the restricted file was not exercised here.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Dataset data:fhfa-hpi

Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
FHFA House Price Index (HPI) : How to pull the FHFA repeat-sales house price index from the no-key master CSV, the ZIP-code developmental indexes, and the gotchas that bite pipelines (purchase-only vs all-transactions, NSA vs SA, the ZIP files are annual).

Dataset data:ficc-gcf-repo

FICC GCF Repo Service data (dealer-level, restricted access) : Dealer-level daily interdealer general-collateral repo and reverse-repo activity by asset class from the FICC GCF Repo Service, licensed through the New York Fed. It is confidential. This page documents what it is and the gotchas, but it was not exercised here.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.

Dataset data:firstrate cited in a paper; no wiki page yet

Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.

Dataset data:fjc cited in a paper; no wiki page yet

Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.

Dataset data:flex-mining

Flexible data-mining strategies (Chen-Lopez-Lira-Zimmermann) : How to get ~30,000 data-mined long-short strategies and the signal-theory classification for free: the gdown-for-Drive trap, the size trap, and start-from-the-small-file tip, for automated pipelines.

Dataset data:flow-of-funds

Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Flow of Funds: Financial Accounts of the United States (Z.1) : How to pull the Federal Reserve's Z.1 Financial Accounts (sector balance sheets and flows for the whole US economy) for free with no key, how to read the per-table CSV package and series-code grammar, and the levels-vs-flows gotchas that bite pipelines.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.

Dataset data:forbes-executive-compensation

CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Forbes executive compensation surveys : The Forbes annual executive compensation surveys (roughly 1970-1992) are the pre-ExecuComp source of U.S. CEO pay. No maintained machine-readable file exists; researchers reconstruct figures from archived print issues or reuse compiled tables. The modern successor is Compustat ExecuComp (1992, licensed).

Dataset data:form-5500

DOL Form 5500: ERISA pension & welfare plan filings : How to pull DOL Form 5500 plan filings and schedules for free: the apex-redirect-hangs-urllib trap, the ACK_ID-not-EIN join key, and the "Latest is unstable" trap, for automated pipelines.

Dataset data:form-adv

Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
SEC Form ADV (via IAPD): investment-adviser registration : How to pull investment-adviser registration data from the SEC for free via IAPD: the firm report, the search API, and the bulk structured feed, plus why Form ADV lives outside EDGAR and the gotchas that bite fund-classification pipelines.

Dataset data:fpds cited in a paper; no wiki page yet

Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.

Dataset data:fr-2052a

Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
FR 2052a: Complex Institution Liquidity Monitoring Report (restricted access) : FR 2052a is the Federal Reserve's confidential liquidity-monitoring collection from large banking organizations: daily and monthly cash inflows and outflows by counterparty, product, and maturity. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.

Dataset data:fr-y14q

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
FR Y-14Q: confidential bank supervisory data (restricted access) : FR Y-14Q is the Federal Reserve's quarterly stress-test data collection from large bank holding companies: loan-level corporate (H.1) and commercial real estate (H.2) records and more. It is confidential supervisory data: this page documents what it is and the gotchas, but it was not exercised here and is not publicly accessible.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.

Dataset data:fr2004c

FR 2004C: weekly primary-dealer positions (restricted access) : FR 2004C is the dealer-level detail behind the Federal Reserve Bank of New York's weekly primary-dealer statistics: positions, transactions, and financing in government and other securities. Only aggregates are published; the dealer-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.

Dataset data:fr2420

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
FR 2420: Report of Selected Money Market Rates (restricted access) : FR 2420 is the Federal Reserve's confidential transaction-level collection of money-market rates: federal funds, Eurodollars, and certificates of deposit from banks and FBOs. It underlies published benchmarks but the transaction data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:fr2644

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
FR 2644: Weekly Report of Selected Assets and Liabilities (restricted access) : FR 2644 is the Federal Reserve's confidential weekly bank balance-sheet collection from a sample of domestic banks and FBO branches. It underlies the published H.8 aggregates but the bank-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:fred

Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
FRED: Federal Reserve Economic Data : How to pull macro and financial time series from FRED for free, including the no-API-key fallback, the series you actually need for finance and macro calibration, and the gotchas that bite automated pipelines.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.

Dataset data:freddie-mac cited in a paper; no wiki page yet

Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.

Dataset data:geni cited in a paper; no wiki page yet

Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.

Dataset data:gettyimages-ceo-photos

CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Getty Images executive photographs (licensed) : Getty Images licenses dated press photographs of executives, the raw material for machine-learning apparent-age and facial measures of CEOs. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:ghsl cited in a paper; no wiki page yet

Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.

Dataset data:giuliano-nunn-ancestral cited in a paper; no wiki page yet

Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Dataset data:global-financial-data

Global Financial Data (GFD): long-run cross-country series (licensed) : Global Financial Data is a commercial vendor of long-run historical stock, bond, commodity, and macroeconomic series spanning many countries and centuries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).

Dataset data:global-q cited in a paper; no wiki page yet

Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.

Dataset data:google-maps cited in a paper; no wiki page yet

Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.

Dataset data:google-trends cited in a paper; no wiki page yet

Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.

Dataset data:gsma-intelligence cited in a paper; no wiki page yet

Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Dataset data:gsw-yields

Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
GSW: Gurkaynak-Sack-Wright Treasury yield curve : How to pull the Federal Reserve staff's daily fitted US Treasury zero-coupon yield curve (Svensson model, 1961 to present) for free with no key, which mnemonic is which, and the header and compounding gotchas that bite pipelines.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:gyourko-mayer-sinai

Gyourko-Mayer-Sinai Superstar Cities database : How to reach the Superstar Cities long-run MSA house-price database (Gyourko, Mayer & Sinai), plus the gotchas: the data sits behind a free openICPSR sign-in while only the AEA appendix PDF is open, it is decadal MSA panels in Stata format, and the public file ends at the published vintage.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.

Dataset data:hathitrust cited in a paper; no wiki page yet

Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.

Dataset data:hcris

HCRIS (Medicare Hospital Cost Reports, CMS) : How to pull hospital cost-report data from CMS HCRIS, including the no-key bulk download, the flat-file worksheet layout, and the gotchas that bite pipelines (form versions, alpha/numeric files, fiscal-year boundaries).
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Dataset data:henry-enquete cited in a paper; no wiki page yet

Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.

Dataset data:hkma cited in a paper; no wiki page yet

Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.

Dataset data:hmda

Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
HMDA: Home Mortgage Disclosure Act loan data : How to pull HMDA mortgage application and origination records for free: the CFPB data-browser CSV and aggregations API, the 2018 schema break, the privacy-binned public file, the string-ranged DTI trap, and the action_taken and sentinel-code gotchas.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.

Dataset data:hrs

Health and Retirement Study (HRS) : The HRS is a biennial U.S. panel of older households covering health, income, wealth, retirement, and expectations. It is free academic data behind a registration and data-use agreement; the portal blocked automated requests from this session, so the download was not exercised here.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.

Dataset data:iab-establishment-panel

Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
IAB Establishment Panel (restricted access) : The IAB Establishment Panel is an annual representative survey of German establishments covering employment, wages, investment, and business practices. It is restricted microdata accessed through the IAB Research Data Centre. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:ibes

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
I/B/E/S: analyst estimates and actuals (licensed) : I/B/E/S is the standard panel of sell-side analyst forecasts (EPS and other measures), consensus summaries, and matched "street" actuals, reached by most researchers through WRDS. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Dataset data:ieb-germany

Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
IEB: German Integrated Employment Biographies (restricted access) : The Integrated Employment Biographies (IEB) are the German Institute for Employment Research's administrative day-level employment records for the universe of workers covered by social security. They are restricted microdata accessed through the IAB Research Data Centre. This page documents what they are and the gotchas, but they were not exercised here.

Dataset data:ihds-india cited in a paper; no wiki page yet

Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Dataset data:imapp cited in a paper; no wiki page yet

Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.

Dataset data:imf-ifs

IMF International Financial Statistics (IFS) : How to pull cross-country macro and external-sector series from the IMF, including the no-key DataMapper API, the SDMX data portal, and the gotchas that bite pipelines (database moves, units, missing-period gaps).
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.

Dataset data:india-census cited in a paper; no wiki page yet

Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.

Dataset data:indifi-loan-applications

FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Indifi FinTech loan application records (India, restricted access) : Loan-level application records from one Indian FinTech lender (Indifi): applications with payment-transaction history, applicant characteristics, credit-bureau data, and outcomes. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:informacao-empresarial-simplificada cited in a paper; no wiki page yet

When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.

Dataset data:infousa

An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
InfoUSA / Data Axle business and consumer files (licensed) : Data Axle (formerly InfoUSA) compiles business and consumer reference files: establishment listings with location, industry, and employment, plus consumer household files. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:inps-italy cited in a paper; no wiki page yet

Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Dataset data:insee-census cited in a paper; no wiki page yet

Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Dataset data:insee-dads

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
INSEE DADS: French matched employer-employee data (restricted access) : DADS is the French administrative matched employer-employee dataset: annual social declarations linking workers to establishments, with earnings, occupation, and hours. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:insee-esane cited in a paper; no wiki page yet

Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.

Dataset data:insee-lifi

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
INSEE LIFI: French inter-firm ownership links (restricted access) : LIFI is INSEE's administrative determination of business-group structure in France: which firms control which, used to assemble corporate groups from ownership links. It is restricted administrative microdata reached through the CASD secure data centre. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:insee-suse cited in a paper; no wiki page yet

Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.

Dataset data:insee-tax-files

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
INSEE firm tax and accounting files (restricted access) : The French firm tax and accounting files (the BIC/FICUS-FARE lineage) are administrative firm-level balance sheets and income statements compiled by INSEE from DGFiP tax filings. They are restricted administrative microdata reached through the CASD secure data centre. This page documents what they are and the gotchas, but they were not exercised here.

Dataset data:inside-airbnb cited in a paper; no wiki page yet

Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.

Dataset data:ipeds cited in a paper; no wiki page yet

Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.

Dataset data:irs-form-990

IRS Form 990 (Nonprofit Returns) : How to pull IRS Form 990 nonprofit information returns free with no key via the e-file index on apps.irs.gov, including officer compensation, board composition, and organization financials, plus the gotchas that bite pipelines.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.

Dataset data:irs-tax-records cited in a paper; no wiki page yet

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Dataset data:iss cited in a paper; no wiki page yet

Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.

Dataset data:italian-procurement cited in a paper; no wiki page yet

Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.

Dataset data:jst-macrohistory

How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
JST Macrohistory Database : How to pull the Jorda-Schularick-Taylor long-run macro-financial panel (18 advanced economies, annual, 1870 onward) for free as a single spreadsheet, what the key series mean, and the subset-citation and crisis-dummy gotchas that bite pipelines.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.

Dataset data:ken-french

Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Ken French Data Library: factors & test portfolios : How to pull Fama-French factors, momentum, and sorted test portfolios for free: the percent-not-decimal trap, the header-rows trap, and the monthly/annual-in-one-file trap, for automated pipelines.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Dataset data:klarner-partisan-data cited in a paper; no wiki page yet

Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.

Dataset data:kld

KLD / MSCI ESG ratings (licensed) : Firm-level environmental, social, and governance ratings: the historical KLD STATS strength/concern indicators and the successor MSCI ESG (KLD STATS and IVA) ratings, commonly reached through WRDS. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.

Dataset data:kpss cited in a paper; no wiki page yet

M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.

Dataset data:kpst cited in a paper; no wiki page yet

M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.

Dataset data:l488-italy cited in a paper; no wiki page yet

Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Dataset data:lalonde-dehejia-wahba cited in a paper; no wiki page yet

Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.

Dataset data:lexisnexis-court

LexisNexis court records (licensed) : LexisNexis aggregates U.S. court filings and public records (civil lawsuits, judgments, dockets), the raw material for hand-collected litigation datasets. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.

Dataset data:lisa-sweden

LISA: Swedish longitudinal population register (restricted access) : LISA is Statistics Sweden's individual-level longitudinal register covering the entire resident population: annual labor-market, income, transfer, education, and family records, with the Wealth Register accessed under the same terms. It is restricted administrative microdata. This page documents what it is and the gotchas, but it was not exercised here.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.

Dataset data:livingston cited in a paper; no wiki page yet

Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.

Dataset data:lopucki-brd

Florida-UCLA-LoPucki Bankruptcy Research Database (BRD) : Case-level records for large U.S. public-company bankruptcies (Chapter 11/7, assets >= $100 million in 1980 dollars) from 1980 through the December 2022 final update, distributed free via a research-use click-through agreement at lopucki.law.ufl.edu; the database is frozen and will not be updated further.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:markit

IHS Markit bond pricing: composite quotes for corporate bonds (licensed) : The Markit Bond Pricing Database (IHS Markit / S&P Global) provides daily evaluated composite price quotes for individual corporate and other bonds, aggregated from contributing dealers, together with the dealer-count per bond. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.

Dataset data:markit-cds

IHS Markit CDS: single-name credit default swap spreads (licensed) : Markit CDS (IHS Markit, now S&P Global Market Intelligence) provides daily composite single-name and index credit-default-swap spreads contributed by dealers, across maturities, currencies, seniority, and restructuring clauses. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.

Dataset data:markit-quanto

Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Markit quanto and cross-currency quotes (licensed) : Markit quanto (cross-currency) derivative quotes from S&P Global (IHS Markit), used to extract the quanto-implied covariance between exchange rates and equity returns. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:markit-securities-finance

Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Markit Securities Finance: securities-lending data (licensed) : Markit Securities Finance (S&P Global / IHS Markit) is the standard securities-lending dataset: stock borrow fees, utilization, and lendable supply from a broad contributor base. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:marx-fuegi cited in a paper; no wiki page yet

Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.

Dataset data:maryland-judiciary

Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Maryland Judiciary Case Search : Maryland's free public court record lookup, why automated access is prohibited (CAPTCHA added March 2022, HTTP 403 to bots), how bulk access via a Public Information Act request works, and the data-use restrictions on individual records.

Dataset data:mcr-nmls

NMLS Mortgage Call Report (company-level, restricted access) : The NMLS Mortgage Call Report collects loan-origination and financial-condition data from state-licensed mortgage companies. Aggregate statistics are published; the company-level data used in research is restricted. This page documents what it is and the gotchas, but it was not exercised here.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.

Dataset data:mergent-fisd cited in a paper; no wiki page yet

Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.

Dataset data:midas cited in a paper; no wiki page yet

Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.

Dataset data:mingshi cited in a paper; no wiki page yet

Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Dataset data:moodys-urd

Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Moody's Ultimate Recovery Database (licensed) : Moody's Ultimate Recovery Database (URD) records firm- and instrument-level creditor recovery rates at the resolution of U.S. corporate defaults. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:morningstar

Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Morningstar fund and sustainability data (licensed) : Morningstar mutual-fund and ETF data: returns, holdings, categories, star ratings, and the Sustainability Rating (globes) and carbon metrics, reached through Morningstar Direct or a data licence. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.

Dataset data:msci-esg

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
KLD / MSCI ESG ratings (licensed) : Firm-level environmental, social, and governance ratings: the historical KLD STATS strength/concern indicators and the successor MSCI ESG (KLD STATS and IVA) ratings, commonly reached through WRDS. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.

Dataset data:msci-real-estate

MSCI Real Estate (IPD): property indices and yields (licensed) : MSCI Real Estate (formerly IPD) provides property total-return indices and rental-yield benchmarks across countries and sectors, built from appraised institutional portfolios. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.

Dataset data:n-mfp

Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Form N-MFP (Money Market Fund Holdings) : How to pull SEC Form N-MFP monthly money market fund portfolio holdings free with no key via EDGAR full-text search and the Archives endpoint, plus the gotchas around schema versioning, multi-series filers, and the User-Agent requirement.

Dataset data:naacp-papers-proquest cited in a paper; no wiki page yet

Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Dataset data:national-student-clearinghouse cited in a paper; no wiki page yet

Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.

Dataset data:nber-ces

Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
NBER-CES Manufacturing Industry Database : Annual U.S. manufacturing industry panel (output, employment, capital, materials, price deflators, and TFP) from the NBER and the Census Bureau's Center for Economic Studies, with the no-key download recipe and the gotchas that bite pipelines.

Dataset data:nber-cycles

Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
NBER Business Cycle Dates : How to pull the NBER U.S. business cycle peak and trough reference dates as JSON with no API key, plus the gotchas that bite pipelines (announcement lag, day-component conventions, committee judgment versus the GDP rule).

Dataset data:nber-working-papers

NBER Working Papers : How to pull NBER working paper metadata and full-text PDFs with no API key: the undocumented listing API, the predictable PDF path, and the gotchas that bite pipelines (copyright/redistribution, gated subset, undocumented API, displaydate strings, working-paper numbering).

Dataset data:nets

NETS: National Establishment Time Series (licensed) : NETS (Walls & Associates, from Dun & Bradstreet source data) is an establishment-level panel tracking US establishments annually from the early 1990s: location, industry, employment, sales, and ownership links. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.

Dataset data:newsbank-newspaper-archive cited in a paper; no wiki page yet

Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.

Dataset data:newspapers-com cited in a paper; no wiki page yet

Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.

Dataset data:nexis-uni cited in a paper; no wiki page yet

Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.

Dataset data:nic-fed

NIC supervisory data: CAMELS ratings and BHC structure (restricted access) : The Federal Reserve's National Information Center holds confidential CAMELS supervisory ratings alongside public bank holding company structure and ownership history. The ratings are confidential; the structure data is public. This page documents what it is and the gotchas, but the ratings were not exercised here.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.

Dataset data:nielseniq

An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
NielsenIQ retail scanner and consumer panel (licensed) : NielsenIQ retail scanner and Homescan consumer-panel data, distributed for academic research through the Kilts Center at Chicago Booth. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:nipa

Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
NIPA: National Income and Product Accounts (BEA) : How to pull the US National Income and Product Accounts (GDP and its components) from the BEA for free, the no-key static-file fallback as well as the API, and the units, revision, and table-vs-series gotchas that bite pipelines.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.

Dataset data:nmls

Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
NMLS Consumer Access : NMLS Consumer Access is a free per-record lookup for licensed mortgage loan originators and companies, but the Terms of Use forbid bulk or automated copying and there is no free bulk feed. Paid NMLS B2B Access is the only legitimate programmatic path for panel data.

Dataset data:noaa-hurricane

NOAA hurricane track data (HURDAT2 / NHC) : NOAA National Hurricane Center best-track tropical-cyclone data (HURDAT2): 6-hourly positions, winds, pressure, and landfalls, with the no-key text-file download recipe and the gotchas that bite pipelines.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.

Dataset data:nslds cited in a paper; no wiki page yet

Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.

Dataset data:nsmo

How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
NSMO: National Survey of Mortgage Originations : How to access the NSMO public-use file from FHFA, covering borrower shopping behavior, mortgage knowledge, and satisfaction linked to administrative credit and servicing data, plus the gotchas that bite pipelines working with survey-weighted microdata.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.

Dataset data:nss-india cited in a paper; no wiki page yet

Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Dataset data:ntsd cited in a paper; no wiki page yet

Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.

Dataset data:nvss cited in a paper; no wiki page yet

Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Dataset data:nyt-news

New York Times article archive (licensed) : The full-text New York Times archive (back to 1851) is a long, consistent news corpus used for text-as-data measures of sentiment, attention, and discourse. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Dataset data:occ-call-reports cited in a paper; no wiki page yet

Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.

Dataset data:oecd cited in a paper; no wiki page yet

Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.

Dataset data:onet cited in a paper; no wiki page yet

Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.

Dataset data:online-broker

Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
German online broker retail investor data (restricted access) : Individual-level holdings, trades, and returns for retail investors at one anonymous German online broker, used in household-finance research. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:ookla-speedtest cited in a paper; no wiki page yet

Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Dataset data:open-source-asset-pricing

Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Open Source Asset Pricing (Chen-Zimmermann) : How to pull 212 firm-level anomaly signals and pre-built long-short portfolio returns for free: the list-not-string trap, the 1.6 GB bulk trap, and the CRSP-merge-already-done point, for automated pipelines.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.

Dataset data:openstreetmap cited in a paper; no wiki page yet

Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.

Dataset data:optimal-blue

Optimal Blue mortgage rate-lock data (licensed) : Optimal Blue captures mortgage rate-lock agreements and real-time lender offer distributions from its pricing-engine platform, a near-real-time view of locked rates and the offers borrowers could have gotten. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.

Dataset data:optionmetrics

Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
OptionMetrics IvyDB: option prices, implied vols, and Greeks (licensed) : OptionMetrics IvyDB is the standard database of end-of-day option prices, OptionMetrics-computed implied volatilities and Greeks, and the standardized volatility surface for US exchange-listed equity and index options from 1996. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.

Dataset data:optn cited in a paper; no wiki page yet

Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.

Dataset data:orange-mobile cited in a paper; no wiki page yet

Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Dataset data:orbis-bvd

Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Orbis (Bureau van Dijk): global firm financials and ownership (licensed) : Orbis (Bureau van Dijk / Moody's Analytics) is a global firm-level database covering financial statements, ownership and corporate-structure links, and firm identifiers for public and private companies across countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.

Dataset data:osfi-canada

Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
OSFI federally regulated lender data (Canada, restricted access) : Contract-level mortgage records for federally regulated Canadian lenders, collected by OSFI and reached through the Bank of Canada: lender identity, loan size, rate, amortization, LTV, and debt-service ratio. It is restricted supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:osiris cited in a paper; no wiki page yet

Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.

Dataset data:pacer-bankruptcy

Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
PACER: federal court records (incl. bankruptcy) : How PACER (Public Access to Court Electronic Records) works, what it costs ($0.10/page, $3.00/document cap, $30/quarter waiver), and why automated bulk retrieval is metered rather than free. Covers bankruptcy filings, case-level dockets, and how RECAP partially mirrors paid content.

Dataset data:paris-rents

Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Paris historical repeat-rent index : How to reach the long-run Paris rent series from Eichholtz, Korevaar and Lindenthal, plus the honest gotcha that only the 1809-1943 slice is publicly posted (in the shared RFS 2021 workbook), while the deep 1500-1831 repeat-rent index used in some studies remains working-paper-only.

Dataset data:patentsview cited in a paper; no wiki page yet

M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.

Dataset data:pitchbook

Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
PitchBook: private-capital and deal data (licensed) : PitchBook (Morningstar) is a deal-level database of venture capital, private equity, and M&A: startups and their funding rounds, investors, valuations, and exits. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.

Dataset data:podes cited in a paper; no wiki page yet

Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.

Dataset data:polidata cited in a paper; no wiki page yet

Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.

Dataset data:ppcs cited in a paper; no wiki page yet

Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.

Dataset data:preqin

Preqin: private-capital and hedge-fund data (licensed) : Preqin is a fund-level database of private capital (private equity, venture, private debt, real assets) and hedge funds: fund sizes, vintages, returns, cash flows, and limited-partner commitments. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.

Dataset data:project-hal cited in a paper; no wiki page yet

Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.

Dataset data:qwi-census

Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Quarterly Workforce Indicators (QWI) : How to pull Census LEHD Quarterly Workforce Indicators local labor-market statistics free with no key via the LEHD bulk flat files, including the filename scheme, status-flag columns, and the suppression gotchas that bite pipelines.

Dataset data:rand-alp cited in a paper; no wiki page yet

Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.

Dataset data:ratewatch

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
RateWatch deposit-rate surveys (licensed) : RateWatch (S&P Global Market Intelligence) is the standard branch-level survey of U.S. deposit and CD rates, posted-rate data at weekly frequency. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:ravenpack

Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
RavenPack: news and event analytics (licensed) : RavenPack turns text news into structured, timestamped entity-event records with sentiment, relevance, and novelty scores. It is a paid subscription: this page documents the access path and the gotchas that bite event-study pipelines, but the data was not exercised here.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.

Dataset data:reds-india cited in a paper; no wiki page yet

Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.

Dataset data:refinitiv cited in a paper; no wiki page yet

Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.

Dataset data:refinitiv-transcripts

Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Refinitiv (LSEG) earnings-call transcripts (licensed) : Refinitiv (now LSEG) distributes transcripts of analyst-management conference calls, a standard corpus for textual analysis of disclosure. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:reprisk

Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
RepRisk: ESG risk-incident data (licensed) : RepRisk is a daily firm-level feed of negative environmental, social, and governance incidents sourced from media and stakeholder reports, scored for severity, reach, and novelty across 28 issue categories. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.

Dataset data:research-affiliates cited in a paper; no wiki page yet

Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.

Dataset data:resset cited in a paper; no wiki page yet

Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.

Dataset data:revelio

Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Revelio Labs: workforce and human-capital data (licensed) : Revelio Labs builds a firm-level workforce panel from public professional profiles and job postings: headcount, hiring and attrition, role and seniority mix, and education. It is a paid subscription: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session on 2026-06-09.

Dataset data:romania-moe-admissions cited in a paper; no wiki page yet

Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.

Dataset data:rosstat cited in a paper; no wiki page yet

Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.

Dataset data:rsmeans cited in a paper; no wiki page yet

The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.

Dataset data:ruslana cited in a paper; no wiki page yet

Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.

Dataset data:russell-index cited in a paper; no wiki page yet

Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.

Dataset data:rystad

An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Rystad Energy database (licensed) : Rystad Energy maintains asset-level oil and gas data: production, costs, reserves, and field economics for operators worldwide. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:sba-loans

Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
SBA 7(a) and 504 loan data (FOIA) : How to download and work with the U.S. Small Business Administration's loan-level FOIA datasets for the 7(a) and 504/CDC programs, including the CKAN portal, direct CSV access, and the gotchas that bite pipelines.

Dataset data:sbir cited in a paper; no wiki page yet

Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.

Dataset data:sce cited in a paper; no wiki page yet

Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.

Dataset data:scf

Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
SCF: Survey of Consumer Finances : How to pull the Federal Reserve's Survey of Consumer Finances summary extract (US household wealth, debt, income, and portfolios) for free with no key, why the file has five rows per household, and the weighting and imputation gotchas that bite pipelines.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Dataset data:sdc-platinum

Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
SDC Platinum: M&A and new-issues deal data (licensed) : SDC Platinum is the standard deal-level database of mergers and acquisitions and new security issues (IPOs, SEOs, debt), assembled by LSEG / Refinitiv. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:seer cited in a paper; no wiki page yet

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.

Dataset data:seguin-rigby-lynching cited in a paper; no wiki page yet

Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.

Dataset data:shibor cited in a paper; no wiki page yet

Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.

Dataset data:shiller-data

Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Robert Shiller online data : How to pull Robert Shiller's long-run U.S. stock market (ie_data.xls, CAPE) and home price (Fig3-1.xls) files with no key, plus the gotchas that bite pipelines (the YYYY.MM decimal date, monthly-average prices, the provisional tail, and the changing download link).

Dataset data:shiller-housing-data cited in a paper; no wiki page yet

The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.

Dataset data:shiw-italy cited in a paper; no wiki page yet

Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.

Dataset data:siblis-research

Siblis Research index-constituent data (licensed) : Siblis Research sells historical index addition and deletion dates and constituent market values for the S&P 500, MidCap 400, SmallCap 600, and Nasdaq 100. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.

Dataset data:sipp

SIPP (Survey of Income and Program Participation) : How to pull SIPP public-use household income and employment microdata from the U.S. Census Bureau with no API key, including the schema JSON for variable definitions, the character-delimited CSV format, and the gotchas that bite longitudinal pipelines.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.

Dataset data:sli-private-meetings

SLI private meeting notes and fund records (restricted access) : Internal records of one asset manager (Standard Life Investments / abrdn): private-meeting notes, analyst ratings and recommendations, fund holdings, and daily trades. It is confidential single-counterparty data. This page documents what it is and the gotchas, but it was not exercised here.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.

Dataset data:snap cited in a paper; no wiki page yet

Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Dataset data:songer-auburn cited in a paper; no wiki page yet

Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.

Dataset data:spain-cir

Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Spain CIR: Central de Informacion de Riesgos credit register (restricted access) : The CIR is the Banco de Espana's confidential loan-level credit register covering corporate loans by Spanish banks, with bank supervisory data matched to it. It is confidential supervisory data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:spf cited in a paper; no wiki page yet

Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.

Dataset data:ssa-disability cited in a paper; no wiki page yet

Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Dataset data:statistics-norway

Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Statistics Norway administrative registers (restricted access) : Statistics Norway (SSB) maintains linked individual- and firm-level administrative registers: demographics, income, wealth, and balance sheets from tax records. Aggregate tables are public; the linked microdata is restricted. This page documents what it is and the gotchas, but the microdata was not exercised here.

Dataset data:stbl-fed

STBL: Survey of Terms of Business Lending (restricted access) : The Federal Reserve's Survey of Terms of Business Lending collected loan-level commercial-and-industrial loan terms and internal risk ratings from reporting banks. Aggregates were published (E.2); the loan-level data is confidential. This page documents what it is and the gotchas, but it was not exercised here.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.

Dataset data:steelbenchmarker

Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
SteelBenchmarker steel price index (licensed) : SteelBenchmarker publishes biweekly reference prices for hot-rolled band, cold-rolled coil, scrap, and other steel products. Current spot reports are free, but the full historical product-level series is a subscription product. This page documents the access path and the gotchas; the series was not exercised here.

Dataset data:stocktwits

Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
StockTwits social-media messages (licensed) : StockTwits is a finance-focused social platform whose ticker-tagged messages, often self-labeled bullish or bearish, are used as a retail-sentiment signal. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:susenas cited in a paper; no wiki page yet

Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.

Dataset data:swanson-fomc-shocks cited in a paper; no wiki page yet

Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.

Dataset data:taq

Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
NYSE TAQ: trade and quote microstructure data (licensed) : NYSE TAQ (Trade and Quote) is a tick-level database of intraday trades and quotes for all US-listed equities on the consolidated tape, covering two lineages: Monthly TAQ (1993 onward) and Daily TAQ (millisecond to nanosecond stamps, 2003/2014+), reached by most academics through WRDS. It is licensed: the access path was exercised through a licensed WRDS session.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.

Dataset data:texas-glo cited in a paper; no wiki page yet

Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.

Dataset data:thomson-13f

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Thomson Reuters institutional (13F) holdings: the s34 database (licensed) : The Thomson Reuters / Refinitiv (now LSEG) Institutional (13F) Holdings database, known by its WRDS table family "s34", is a manager-by-quarter panel of US institutional equity holdings built from SEC Form 13F filings. It is licensed: this page documents the access path and the gotchas; the access path was exercised through a licensed WRDS session.

Dataset data:titlon-ose

Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Titlon Oslo Stock Exchange data (licensed) : Titlon is the University of Tromso's financial database for the Oslo Stock Exchange: prices, returns, shares outstanding, and accounting data for Nordic listed firms. It is free to Nordic academic users but credential-gated, not openly public; this page documents the access path and the gotchas, and the data was not exercised here.

Dataset data:tnic

Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
TNIC (Hoberg-Phillips text-based industries) : How to pull the Hoberg-Phillips Text-based Network Industry Classifications (TNIC) firm-pair similarity data as no-key bulk files, plus the gotchas that bite pipelines (it is a firm-specific relational network, not a partition; gvkey identifiers; the score is an excess-over-threshold, not a raw cosine).

Dataset data:trac cited in a paper; no wiki page yet

Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.

Dataset data:trace

FINRA TRACE: corporate bond transactions (licensed) : TRACE (Trade Reporting and Compliance Engine) is FINRA's facility for secondary-market transaction reporting in US fixed-income securities, primarily corporate bonds. The version used by most academic researchers is the historical Enhanced TRACE file, reached for most researchers through WRDS. It is licensed: this page documents the access path and the gotchas, and the keystone query was exercised through a licensed WRDS session.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.

Dataset data:trains-unctad cited in a paper; no wiki page yet

Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.

Dataset data:transunion-canada

Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
TransUnion credit bureau data (Canada, restricted access) : Monthly, population-wide individual credit-bureau records for Canada from TransUnion: borrower characteristics, mortgage identity, switching activity, and inquiries. It is restricted research microdata, not an off-the-shelf purchase. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:trucost

Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Trucost: firm-level environmental and carbon data (licensed) : Trucost (S&P Global) is a firm-level environmental panel: scope 1, 2, and 3 greenhouse-gas emissions, intensities, and other environmental metrics, with much of it modeled rather than disclosed. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:tsp-user-list

Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Technology service provider user list (restricted access) : A confidential list identifying which banks used a third-party technology service provider that was the target of a cyberattack, used as a treatment indicator. It is confidential single-source data. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:un-comtrade cited in a paper; no wiki page yet

Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.

Dataset data:uniswap-blockchain

Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Uniswap on-chain data (Ethereum) : Swap, Mint, and Burn event logs for Uniswap V2/V3 liquidity pools on Ethereum mainnet, pulled directly from the public blockchain via no-key JSON-RPC eth_getLogs; the key operational question is which public RPC endpoints actually serve getLogs on archive blocks without a token. Uniswap V1, used in early studies, has a different architecture and is noted here too.

Dataset data:us-elections cited in a paper; no wiki page yet

Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.

Dataset data:us-epa-supply-chain

An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
EPA Supply Chain GHG Emission Factors : How to pull the EPA's NAICS-level supply-chain greenhouse-gas emission factors from the no-key CSV, the with-margins vs without-margins distinction, and the gotchas that bite pipelines (NAICS vintage, USD year, version).

Dataset data:uspto cited in a paper; no wiki page yet

Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.

Dataset data:usrds cited in a paper; no wiki page yet

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.

Dataset data:utd-erc cited in a paper; no wiki page yet

Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.

Dataset data:vami cited in a paper; no wiki page yet

Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Dataset data:venturesource

Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
VentureSource venture-capital data (licensed) : VentureSource (Dow Jones / CB Insights) tracks venture-capital funds, financing rounds, valuations, and startup locations. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:vital-statistics cited in a paper; no wiki page yet

Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.

Dataset data:vix

CBOE Volatility Index (VIX) : How to pull the full daily VIX history as a no-key CSV from Cboe, plus the gotchas that bite pipelines (the 1990-2002 backfill vs the original VXO, flat early OHLC, annualized-percentage units, and the family of look-alike vol indices).
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.

Dataset data:vps-norway

Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
VPS: Norwegian securities depository holdings (restricted access) : VPS is the Norwegian central securities depository; its records give complete individual-level securities holdings for Norwegian investors. It is restricted research microdata. This page documents what it is and the gotchas, but it was not exercised here.

Dataset data:wayback-machine

Internet Archive Wayback Machine : How to query the Internet Archive Wayback Machine for historical web-page snapshots from the no-key Availability and CDX APIs, and the gotchas that bite pipelines (coverage is not continuous, a snapshot is a crawl not the live page, rate limits, capture != content change).
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.

Dataset data:welch-goyal cited in a paper; no wiki page yet

Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.

Dataset data:wharton-rluri cited in a paper; no wiki page yet

The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.

Dataset data:wid cited in a paper; no wiki page yet

The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.

Dataset data:wind cited in a paper; no wiki page yet

Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.

Dataset data:wiod cited in a paper; no wiki page yet

Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.

Dataset data:worldscope

Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Refinitiv Worldscope: global company fundamentals (licensed) : Worldscope is Refinitiv (LSEG) global database of standardized company fundamentals (balance sheet, income statement, cash flow, ratios, per-share data) and descriptive information for public companies across many countries. It is licensed: this page documents the access path and the gotchas, but the data was not exercised here.

Dataset data:wrds

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
WRDS / CRSP / Compustat: the paywalled core (academic access) : WRDS (CRSP, Compustat, IBES, OptionMetrics…) is not free, but most universities license it. How affiliated researchers get access, and what the free sources here can and cannot substitute for it.

Dataset data:wu-xia-shadow-rate cited in a paper; no wiki page yet

Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.

Dataset data:wustl-pm25 cited in a paper; no wiki page yet

Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.

Dataset data:ww1-draft-cards cited in a paper; no wiki page yet

Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.

Dataset data:xmrc cited in a paper; no wiki page yet

Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.

Dataset data:zakupki cited in a paper; no wiki page yet

Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.

Dataset data:zillow

Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Zillow research data : How to pull Zillow Research's free housing metrics (ZHVI, rents, days on market, price cuts) as no-key bulk CSVs, plus the gotchas that bite pipelines (wide format, the filename-is-the-metadata convention, restated history, and RegionID vs FIPS).

Dataset data:ztrax

Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
ZTRAX: Zillow Transaction and Assessment Dataset (licensed) : ZTRAX was Zillow's national property-level dataset of deed transactions and assessor records, distributed free to academics under a data-use agreement until the program was discontinued in 2023. This page documents the access path and the gotchas; the data was not exercised here.

Journal journal:aer

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.
Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.
Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.
Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.
Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.
Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Journal journal:econometrica

Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.

Journal journal:jbf

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.

Journal journal:jcf

Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.

Journal journal:jef

Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.

Journal journal:jf

Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.
Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.
Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Journal journal:jfe

Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.

Journal journal:jfm

Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.

Journal journal:jpe

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).
Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.
Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.

Journal journal:qje

Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Journal journal:rfs

Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.
Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.

Year year:2026

Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.
Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.

Year year:2025

Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.
Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.
Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.
Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.
Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Year year:2024

Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.

Year year:2023

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.
Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.
Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.
Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.
Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.
Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.

Status peer-reviewed

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.
Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.
Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.
Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.
Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.
Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.
Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.
Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.
Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Nobel Lecture, Banking and Credit: Bernanke (2023) : Distilled: Ben Bernanke's Nobel Prize lecture synthesizes his career research showing that informational frictions in credit markets interact with borrower and lender net worth to amplify and prolong economic contractions. The lecture documents that banking and credit disruptions were important sources of the Great Depression and the Great Recession of 2007-2009, and introduces the financial accelerator mechanism through which credit conditions propagate business cycles. American Economic Review 2023, copyright The Nobel Foundation 2022, paywalled. Eight core results with source locators, the Appendix model (moral hazard and credit rationing, eqs. 1-9), and the financial accelerator channel.
Nonlinear Pricing with Underutilization: Corrao, Flynn & Sastry (2023) : Distilled: establishes that multi-part tariffs (price schedules with tiers of zero marginal price) are the optimal contract when buyers can freely underutilize purchases and usage generates revenue for the seller via advertising, data, or network effects. American Economic Review 113(3), 2023, paywalled. Six core theoretical results with proposition locators, the seller's problem, and the virtual surplus characterization. LLM-distilled.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Pockets of Predictability (Replication): Cakici, Fieberg, Neumaier, Poddig & Zaremba (2025) : Distilled: Cakici et al. replicate Farmer-Schmidt-Timmermann (2023) and find a critical one-sided vs two-sided kernel lookahead error in the original code; correcting it collapses average integral R-squared by roughly 20-fold and invalidates most FST conclusions about exploitable pockets of predictability. J. Finance 80(6), December 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the identification strategy.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.
Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.
Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.
Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.
Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.
Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Status unreplicated

A Signal to End Child Marriage: Buchmann, Field, Glennerster, Nazneen & Wang (2023) : Distilled: A clustered RCT in rural Bangladesh showed a small conditional financial incentive (cooking oil, ~US$16/year) for adolescent girls to remain unmarried reduced underage marriage by 19 percent and increased schooling, while a traditional empowerment program had no marriage effect and raised dowry. A signaling model explains child marriage persistence as a pooling equilibrium driven by information asymmetry about bride type. American Economic Review 2023, free after 12-month AEA embargo. Seven core results with source locators, the signaling model, and the empirical specifications.
Active Fund Management when ESG Matters: Avramov, Cheng & Tarelli (2026) : Distilled: This paper develops and tests an equilibrium model of active fund management with ESG considerations, showing that heterogeneous fund ESG preferences intensify information acquisition across the ESG spectrum, improving price informativeness and lowering the cost of capital for green firms through a concave, amplified ESG-return relation. Journal of Banking and Finance vol. 182 (2026), CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the model equations, and the method.
Adaptive Maximization of Social Welfare: Cesa-Bianchi, Colomboni & Kasy (2025) : Distilled: A policymaker repeatedly setting a tax rate to maximize social welfare (weighted sum of public revenue and private consumer surplus) cannot observe welfare directly, only demand outcomes; cumulative regret must grow at rate T^{2/3} (vs T^{1/2} for standard bandits), and Tempered Exp3 achieves this bound while Dyadic Search recovers T^{1/2} under concavity. Econometrica 2025, CC BY 4.0. Six core results with source locators, the setup model, and both algorithms with equations.
Adverse Selection in Corporate Loan Markets: Beyhaghi, Fracassi & Weitzner (2026) : Distilled: using confidential Federal Reserve Y-14Q supervisory data, this paper shows that more banks in a local market raises interest rates, borrower risk, and loan volume, consistent with adverse selection dominating competition effects; it also constructs a novel risk-orthogonalized markup measure and shows repeat-relationship markups and GSIB-shock evidence support the channel. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, the theory tested, and the estimating specifications.
Air Pollution and Bank Loan Pricing: Li et al. (2026) : Distilled: Using proprietary loan data from a Chinese state-owned commercial bank linked to firm-level ESR emissions, Li et al. find that higher air pollutant intensity significantly raises bank loan spreads via labor risk and environmental transition risk channels, confirmed causal by a PSM-DID design around China's 2013 Air Pollution Control Action Plan. Journal of Banking and Finance 185 (2026), paywalled. Eight core results with source locators, datasets, and estimating specifications.
Allocation of Socially Responsible Capital: Green & Roth (2025) : Distilled: This paper develops a tractable equilibrium framework in which social and commercial investors compete to finance entrepreneurs with varying profit and social value profiles. It shows that values-aligned ESG strategies are inefficient at creating social impact and identifies alternative impact-aligned strategies that both increase welfare and financial returns. Supported by a laboratory experiment documenting heterogeneous social preferences. J. Finance 2025, paywalled. Five core results with source locators, the model, method, and empirical specifications.
Alternative Explanation for the Fed Information Effect: Bauer & Swanson (2023) : Distilled: Bauer and Swanson (2023) show that standard "Fed information effect" regressions suffer from omitted variable bias; once economic news controls are added, monetary policy surprise coefficients reverse sign to match standard macroeconomic theory. A "Fed response to news" channel, supported by their own forecaster survey and financial market evidence, explains the data without invoking Fed private information. American Economic Review 2023, AEA copyright. Seven core results with source locators, datasets used, the model (imperfect information about the policy rule), and the method (OLS with news controls, high-frequency event study).
Ambulance Taxis: Eliason, League, Leder-Luis, McDevitt & Roberts (2025) : Distilled: Prior authorization for Medicare ambulance rides to dialysis facilities reduced nonemergency rides by 68% and payments by 67.7%, far outperforming criminal and civil pay-and-chase litigation. Journal of Political Economy 2025 (May 2025), paywalled. Eight core results with source locators, the stylized fraud-deterrence model, and the staggered difference-in-differences specifications.
An Economic View of Corporate Social Impact: Allcott, Montanari, Ozaltun & Tan (2026) : Distilled: a welfare-economics framework defines corporate social impact as the social welfare loss from a firm's exit; applied to 74 firms in 12 industries, consumer surplus dominates all other components, and ESG ratings are essentially unrelated to the resulting estimates. J. Finance 2026, open access (Wiley/AFA terms). Eight core results with source locators, datasets used, and the theory tested.
Anomalies and Their Short-Sale Costs: Muravyev, Pearson & Pollet (2025) : Distilled: across 162 asset pricing anomalies, average long-short abnormal returns of 0.14%/month vanish once stock borrow fees are accounted for, either by fee adjustment or by dropping high-fee stocks; the result holds for subsets including microcaps, high-fee anomalies, and factor-mimicking portfolios. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the identification strategy, and the estimating specifications with exact panel-regression equations.
Arbitrage Capital of Global Banks: Anderson, Du & Schlusche (2025) : Distilled: The 2016 U.S. money market fund reform cut banks' unsecured wholesale funding by about $600 billion; global banks responded by cutting liquid arbitrage positions (IOER and CIP arbitrage), not loan supply. J. Finance 2025, U.S. Government work (public domain in USA). Eight core results with source locators, datasets used, the model, and the identification strategy.
Are CEOs Rewarded for Luck: Andreani, Ellahie & Shivakumar (2025) : Distilled: Using the 2017 Tax Cuts and Jobs Act as a quasi-natural experiment, the paper shows that weakly scrutinized CEOs are compensated for one-off windfall tax gains (deferred tax liability remeasurement) but not penalized for corresponding tax losses, consistent with rent extraction rather than optimal contracting. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the empirical design, and the estimating equations.
Asset Pricing and Risk-Sharing under DB vs DC Pensions: Coimbra, Gomes, Michaelides & Shen (2026) : Distilled: a general equilibrium model with an explicit defined-benefit pension fund matches the historical equity premium and riskless rate better than a standard PPG model; a shift to defined-contribution plans raises the riskless rate, lowers the Sharpe ratio, increases retiree consumption volatility and decreases worker consumption volatility. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the model equations and method.
Asset-Price Redistribution: Fagereng et al. (2025) : Distilled: Rising asset valuations redistribute welfare from buyers to sellers, not from non-holders to holders. Individual welfare gains range from -$185,000 (p1) to +$273,000 (p99) in Norway 1994-2019, with redistribution from young cohorts to old and from the poor to the wealthy. Journal of Political Economy 2025, paywalled. Six core results with source locators, datasets used, the model (envelope-theorem sufficient statistic), and the empirical implementation (NPV of net asset sales weighted by price-dividend deviation).
Auctioning Control and Cash-Flow Rights Separately: Liu & Bernhardt (2025) : A seller increases expected revenue by sometimes allocating control and cash-flow rights to different bidders: separation reduces a controller's information rent because project payoffs are most sensitive to his signal when he runs the project. Two ex post incentive-compatible separation mechanisms always strictly dominate no-separation English auctions in expected revenue for any minimum stake requirement. Econometrica 2025, CC BY 4.0. Six core results with source locators, the model equations, and the mechanism designs.
Auctions versus Negotiations: Hoffmann & Vladimirov (2025) : Distilled: When payments can have a contingent component (equity, royalties, performance bonuses), a seller facing fewer bidders in optimally structured negotiations can earn strictly higher revenue than an auction with one more competing bidder. The key driver is bargaining power over the payment structure, not reserve-price setting. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model, and the formal propositions.
Baby Booms and Asset Booms: Francke & Korevaar (2025) : Distilled: Using centuries of data from Amsterdam and Paris, this paper shows that lagged birth rates are a major predictable driver of house prices, with high birth rates 25 to 29 years ago raising rent-price ratios and high birth rates 60 to 64 years ago lowering them; the effect concentrates in house prices rather than rents, consistent with age-dependent entry into and exit from homeownership. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used, the estimating equation, and the mechanism analysis.
Bail-Ins, Optimal Regulation, and Crisis Resolution: Clayton & Schaab (2025) : Distilled: In a tractable three-period dynamic contracting model with fire-sale externalities, the privately optimal bank contract combines short-term standard debt and long-term bail-in debt; the social optimum calls for joint regulation of both the level and composition of debt, rationalizing a leverage cap plus a TLAC requirement that can be satisfied with bail-in debt. Bail-ins replace bailouts as a recapitalization tool even without planner commitment. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model, and its key propositions with equations.
Bank Consolidation and Uniform Pricing: Granja & Paixão (2026) : Distilled: After bank mergers, deposit and loan rates at acquired branches converge toward the acquirer's network-wide rate because banks price uniformly across their branch networks; pre-merger rate differences between acquirer and acquired predict post-merger rate changes far better than local HHI changes; and forced branch divestitures reduce consumer welfare by about 7% in markets where the acquirer offered better deposit rates. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the structural demand-and-supply model, and the empirical specifications.
Bank Funding Risk, Reference Rates, and Credit Supply: Cooperman, Duffie, Luck, Wang & Yang (2025) : Distilled: Credit-sensitive reference rates like LIBOR mitigate banks' debt-overhang cost from revolving credit commitments; the transition to risk-free SOFR increases expected draw costs by about 15 bps and reduces equilibrium credit line commitments by roughly 6%, with effects concentrated at high-debt-overhang banks. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the equilibrium model of credit line provision, and the empirical method.
Bank Market Power and Monetary Policy Transmission: Enkhbold (2026) : Distilled: Using US bank- and loan-level data from 2000 to 2019, the paper shows that a 100 bps monetary policy shock transmits 34 bps to mortgage rates in competitive banking markets but near-zero in concentrated markets; wholesale funding reliance amplifies the gap in competitive markets and dampens it in concentrated ones. Journal of Banking and Finance 187 (2026), paywalled. Six core results with source locators, datasets used, and the estimating regression specification.
Bank Monitoring with On-Site Inspections: Heitz, Martin & Ufier (2026) : Distilled: Using proprietary transaction-level data on nearly 30,000 construction loans from a failed bank, this paper provides empirical evidence that banks trade off monitoring intensity with loan origination terms, use inspection report text to inform draw decisions, and that increased on-site inspections causally reduce loan default. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets, the identification strategy, and the regression specifications.
Banks, Low Interest Rates, and Monetary Policy Transmission: Wang (2025) : Distilled: A structural model of banks as dual credit and liquidity providers shows that secular declines in nominal interest rates compress deposit spreads, tighten banks' financial constraints, and reduce long-run bank credit supply, with loan spreads rising to offset lost deposit income. Cross-sectional bank-level evidence from U.S. Call Reports (2000-2014) confirms the mechanism. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model, and the empirical specifications.
Banning Gendered Job Ads: Kuhn & Shen (2023) : Distilled: When XMRC.com (a Chinese job board) removed explicit gender requests from all job ads overnight in March 2019, women's share of callbacks to previously male-requesting jobs rose by 61 percent and men's share of callbacks to previously female-requesting jobs rose by 146 percent. The ban generated a large increase in gender-mismatched applications that employers treated relatively well, suggesting gender requests often reflected weak preferences or outdated stereotypes. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, and the regression-discontinuity estimating equations. LLM-distilled, not human-verified.
Bargaining and Inequality in the Labor Market: Caldwell, Haegele & Heining (2026) : Distilled: A novel matched firm-worker survey linked to German administrative data documents that individual wage bargaining is pervasive (78% of workers exposed), that labor market factors predict firms' bargaining strategies better than firm productivity, that workers with better outside options negotiate more successfully, and that gender wage gaps are 3-5 percentage points larger at bargaining firms. The Quarterly Journal of Economics (2026), paywalled. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Behavioral Foundations of Default Effects: Brot-Goldberg, Layton, Vabson & Wang (2023) : Distilled: Default rules in Medicare Part D have large, persistent effects on enrollment and drug utilization; beneficiary passivity is insensitive to the value of the default even when following it causes drug consumption losses up to 30 percent. Evidence favors "mental gap" over "frictional" models of default-following, implying that optimal policy should match beneficiaries to their best plans rather than incentivize active choice. AER 2023, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
Birth of a Nation Media Effects: Ang (2023) : Distilled: Ang (2023) provides the first causal evidence that D. W. Griffith's 1915 film The Birth of a Nation increased local lynchings and race riots by approximately fourfold, raised second-KKK klavern probability by 66 pp (2SLS), and predicts 85 percent higher hate crime rates per 100k residents a century later. American Economic Review 113(6), 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and estimating equations.
Build or Buy? Human Capital and Corporate Diversification: Beaumont, Hebert & Lyonnet (2025) : Distilled: Using French administrative data, this paper shows that firms enter distant sectors by acquisition (buy) rather than organically (build) because building human capital in distant sectors requires costly organizational integration of new workers. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (shift-share IV), and the estimating equations.
Can Social Media Inform Corporate Decisions: Cookson, Niessner & Schiller (2026) : Distilled: abnormal StockTwits sentiment after a merger announcement predicts a 0.64 percentage point higher withdrawal probability (16.6% of the baseline rate), robust to market reactions, news, and analyst signals; the effect strengthens after firms register corporate Twitter accounts and is driven by fundamental rather than technical or meme tweets. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with formal equations.
Carbon Pricing versus Green Finance: Pedersen (2026) : Distilled: a unified model shows when carbon taxes and green finance (ESG investing, sustainable finance regulation) can substitute for each other and when green finance fails; the sustainable discount rate equals the normal rate plus a firm's carbon burden rate. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Carbon Returns across the Globe: Zhang (2025) : Distilled: After correcting for the data release lag of carbon emissions, the brown-minus-green return (the carbon premium) turns significantly negative in the United States and insignificant globally, overturning prior findings; the apparent premium stems from forward-looking sales information embedded in emissions data rather than a true risk premium. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, and the empirical specifications.
CEO Stress, Aging, and Death: Borgschulte, Guenzel, Liu & Malmendier (2025) : Distilled: Managerial stress from industry distress shocks accelerates visible aging by roughly one year and raises CEO mortality hazard by ~15%, equivalent to 1.1 years of additional chronological age; antitakeover laws that reduce monitoring intensity imply a two-year longevity gain. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical strategy (DiD apparent-aging + stratified Cox hazard), and the identifying variation.
Choices and Outcomes in Assignment Mechanisms: Agarwal, Hodgson & Somaini (2025) : Distilled: Using quasi-experimental variation in deceased donor kidney offers and a scarcity instrument, this paper identifies a joint model of patient acceptance decisions and survival outcomes, finding the kidney waitlist mechanism achieves an average LYFT of 9.29 years (1.75 years above random assignment) while the maximum possible is 14.08 years, exposing a planner's dilemma between efficiency and prioritizing the sickest. Econometrica 2025, paywalled. Seven core results with source locators, the assignment-outcomes joint model, and the defining equations.
Colluding against Workers: Delabastita & Rubens (2025) : Distilled: proposes a new identification approach for employer collusion in labor markets using production and cost data, applied to 227 Belgian coal firms 1845-1913. The 1897 coal cartel explains the entire post-1900 surge in wage markdowns and depressed wages and employment by 6%-17% relative to pre-cartel conduct. Journal of Political Economy 2025, paywalled. Seven core results with source locators, datasets used, the structural model, and the method with its defining equations.
Collusion in Brokered Markets: Hatfield, Kominers & Lowery (2025) : Distilled: Models collusion in brokered markets (e.g., US residential real estate) as a repeated extensive-form game, showing that brokers can sustain prices substantially above marginal cost even with many independent agents and easy entry, by refusing to work with price deviators within-period. J. Finance 2025, paywalled. Six core results with source locators, the model, and the equilibrium construction.
Communism and Financial Markets: Laudenbach, Malmendier & Niessen-Ruenzi (2026) : Distilled: East Germans invest less in stocks and hold more negative attitudes toward capital markets decades after reunification, with the gap explained by lasting adherence to anti-capitalist ideology shaped by personal experiences under communism. J. Finance 2026, paywalled. Ten core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Comparative Statics With Adjustment Costs: Dekel, Quah & Sinander (2025) : Distilled: Develops a general theory of monotone comparative statics for models with adjustment costs, showing that ordinal complementarity on the objective and minimal monotonicity of the cost function suffice for comparative-statics conclusions and a Le Chatelier principle. Applied to saving, factor demand, pricing, labor supply, and capital investment. Econometrica 2025, CC BY 4.0. Six core theorems with proof locators and formal equations.
Competition and the Value of Innovation: Hu & Ma (2026) : Distilled: Using a stock-market-based patent value measure, Hu and Ma (2026) document a negative relationship between product-market competition intensity and the economic value of newly granted patents among US public firms 1986-2020; a quasi-experimental design exploiting horizontal M&A events confirms causality, with non-merging peers' patents gaining an average 2.8% in value after such deals. Journal of Corporate Finance vol. 96 (2026) 102909, CC BY 4.0. Six core results with source locators, datasets used, the hypotheses, and the estimating equations.
Competitive Capture of Public Opinion: Alonso & Padró i Miquel (2025) : Distilled: Two opposed interested parties compete to capture news coverage; rational citizens discount informative messages and sort into aligned sources, so competition compounds rather than cancels harm to social learning. Econometrica 2025, CC BY 4.0. Six core propositions with locators, the capture-and-communication game model, and equilibrium characterization with equations.
Confidence, Self-Selection, and Bias in the Aggregate: Enke, Graeber & Oprea (2023) : Distilled: Using 15 cognitive tasks and 2,153 participants in betting market, auction, and committee experiments, Enke, Graeber, and Oprea document that social institutions filter some biases strongly and others barely at all, with the cross-task variation explained almost entirely by the within-task confidence-performance correlation (r = 0.76 to 0.93). American Economic Review 2023, AEA copyright. Seven core results with source locators, the theoretical framework, the experimental design equations, and the datasets used.
Conflicting Priorities: Donaldson, Gromb & Piacentino (2025) : Distilled: A theory of why firms use secured debt, unsecured debt, and negative pledge covenants together, despite covenants being defeated by collateral priority. The model shows covenants and collateral are complementary tools: collateral implements efficient dilution that covenants alone cannot, while covenants commit the borrower not to use collateral when dilution is inefficient. The optimal debt structure is multilayered, consistent with observed covenant violations and waivers. J. Finance 2025, paywalled. Five core propositions with source locators, the three-date model, and the mechanism.
Constrained-Efficient Capital Reallocation: Lanteri & Rampini (2023) : Distilled: In a heterogeneous-firm general equilibrium model with collateral constraints, the competitive equilibrium price of used capital is inefficiently high because distributive pecuniary externalities dominate collateral externalities by a factor of roughly 2.3 quantitatively, providing a new rationale for new-investment subsidies. American Economic Review 2023, paywalled. Six core results with source locators, the full theoretical model with equations, and calibrated quantitative welfare analysis.
Corporate ESG Profiles and Investor Horizons: Starks, Venkat & Zhu (2026) : Distilled: Long-term institutional investors systematically tilt their portfolios toward firms with higher ESG scores; this pattern holds at both the investor and firm level across mutual funds and 13f institutions, and survives controls for investment style, ESG rating disagreement, and errors-in-variables. J. Finance 2026, CC BY-NC-ND 4.0. Nine core results with source locators, datasets used, tested hypotheses, and the empirical specifications behind each result.
Creating Controversy in Proxy Voting Advice: Malenko, Malenko & Spatt (2025) : Distilled: A profit-maximizing proxy advisor optimally produces fully informative research reports but partially informative, asymmetrically biased vote recommendations that favor the a priori unlikely alternative, increasing the incidence of close, contentious votes to enhance the value of its advice. J. Finance 2025, CC BY-NC-ND 4.0. Seven core results with source locators, the information-design model, and the Bayesian persuasion method with its defining equations.
Crisis Interventions in Corporate Insolvency: Antill & Clayton (2025) : Distilled: A general-equilibrium model shows that optimal insolvency interventions can favor either liquidation or reorganization depending on which externality dominates: a fire-sale externality (fewer liquidations optimal) or a collateral externality (more liquidations optimal). J. Finance 2025, paywalled. Six core results with source locators, the model, and the propositions with their equations.
Crowded Spaces and Anomalies: Chincarini, Lazo-Paz & Moneta (2026) : Distilled: This paper shows that crowded equity positions in well-known stock market anomalies earn significantly higher risk-adjusted returns (FF3 monthly alpha of 1.44% for the most vs. least crowded stocks) and that crowding increases institutional exposure to crash risk. The anomaly alpha is concentrated among the most crowded stocks and persists after publication dates. Journal of Banking and Finance 182 (2026) 107579, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the crowding measures, and the empirical specifications.
Dealer Competition in OTC Markets: Singer (2026) : Distilled: A model of OTC dealer competition as a first-price sealed-bid common-value auction shows that information heterogeneity arises endogenously and generates core-periphery market structures in which better-informed core dealers quote tighter bid-ask spreads, earn higher margins, and trade more frequently. Journal of Financial Markets 2026, CC BY 4.0. Six core results with source locators and the formal model equations.
Decentralized Exchange: Lehar & Parlour (2025) : Distilled: Lehar and Parlour build a theoretical model of Uniswap's automated market maker (AMM), characterize equilibrium liquidity-pool size as a trade-off between fee revenue and adverse-selection (picking-off) risk, and show empirically that AMM pools are larger when volatility is lower and uninformed trading is higher, that AMM liquidity is more stable than limit-order book liquidity during extreme market events, and that Uniswap price impact is lower than Binance for low-volatility tokens. J. Finance 2025, paywalled. Four core results with source locators, datasets used, the model (constant-product AMM + limit-order-book comparison), and the estimating specifications.
Deep Learning, Predictability, and Optimal Portfolio Returns: Babiak & Barunik (2026) : Distilled: Deep feedforward and LSTM recurrent neural networks deliver economically significant gains in certainty-equivalent returns and Sharpe ratios over linear predictive regressions for a two-asset optimal US equity portfolio. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the investor model, and the neural network method with its defining equations.
Default Risk and Sovereign Bond Pricing: Dittmar, Hsu, Roussellet & Simasek (2026) : Distilled: U.S. Treasury default risk is significantly positively related to the spread between inflation-linked swap rates and breakeven inflation (ILSBEI); the channel operates primarily through inflation dynamics upon default, not differential recovery rates; a no-arbitrage affine term structure model shows credit risk explains most of the ILSBEI differential at longer maturities outside the financial crisis. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model equations, the estimation method, and the empirical specifications.
Demand Disagreement: Heyerdahl-Larsen & Illeditsch (2026) : Distilled: An OLG model where investors disagree about future demand for savings (driven by heterogeneous time preferences and a false consensus bias) generates stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve, resolving both the correlation puzzle and the disagreement correlation puzzle without relying on disagreement about macroeconomic fundamentals. Journal of Financial Economics 2026, CC BY 4.0. Six core results with source locators, datasets used, the model (equilibrium SDF and consumption share dynamics), and the method (SPF-based demand disagreement proxy + UKF estimation).
Deposit Inflows and Outflows in Failing Banks: Martin, Puri & Ufier (2026) : Distilled: Using confidential daily account-level FDIC data from a failing U.S. bank, this paper shows that gross deposit inflows are first-order in a distressed bank's funding dynamics: deposit insurance stabilizes outflows while simultaneously enabling large insured deposit inflows that nearly offset departing uninsured funds. J. Finance 2026, U.S. Government public domain. Ten core results with source locators, datasets used, and the estimating equations.
Deposit Insurance and LLP Discretion: Pugachev, Robin, Wang & Yang (2026) : Distilled: The 2008 EESA expansion of US deposit insurance from $100,000 to $250,000 caused affected banks to provision more conservatively, increasing discretionary loan loss provision by approximately 3.4 basis points of lagged loans (38% of the mean LLP level), with effects concentrated at banks that increased risk most and faced the most regulatory scrutiny. Journal of Corporate Finance vol. 99, 2026, paywalled. Seven core results with source locators, the LLP prediction model, and the DiD specifications. LLM-distilled; not human-verified.
Designing Stress Scenarios: Parlatore & Philippon (2025) : Distilled: Parlatore and Philippon model the optimal design of bank stress test scenarios as an information-acquisition problem, solving it via a Kalman filter. Capital requirements cover losses under an adverse scenario while targeted interventions depend on covariances among residual exposures; calibration shows information is far more valuable for targeted interventions than for broad capital requirements. J. Finance 2025, paywalled. Five core results with source locators, the model, and the method.
Digital Distractions with Peer Influence: Barwick, Chen, Fu & Li (2026) : Distilled: Mobile app usage is contagious among college roommates and causally harms academic performance, physical health, and labor market outcomes. The Quarterly Journal of Economics 2026, paywalled. Nine core results with source locators, datasets used, the linear-in-means peer effects model, and shift-share IV identification.
Discount Factors and Monetary Policy: Vandeweyer, Yang & Yannelis (2026) : Distilled: Exploiting dual-listed stocks in Mainland China and Hong Kong to isolate the discount factor channel of monetary policy, the paper finds that US FOMC surprises cause significant revisions in investors' risk-adjusted discount factors: a 100 bp surprise shifts the A/H share-price ratio by about 30 bp within five trading days, driven exclusively by cycle-amplifying surprises. J. Fin. Econ. 2026, paywalled. Six core results with source locators, datasets used, the conceptual model, and the estimating equations.
Diversifying Society's Leaders: Chetty, Deming & Friedman (2026) : Distilled: Using anonymized admissions data linked to federal tax records, Chetty, Deming, and Friedman show that top-0.1% income families are 2.5x more likely than middle-class applicants to gain admission to Ivy-Plus colleges with identical test scores, driven by legacy preferences (46%), nonacademic credentials (31%), and athletic recruitment (24%), none of which predict postcollege success. Attending an Ivy-Plus college instead of an average flagship public college causally increases the probability of reaching the top 1% of earnings by 5 pp and triples chances of working at an elite firm. Quarterly Journal of Economics 141(1), 2026, paywalled. Eight core results with source locators, the statistical model, and both research designs. LLM-distilled; not human-verified.
Dividend Taxes and Allocation of Capital (Comment): Bach et al. (2023) : Distilled: This comment replicates Boissel and Matray (2022) using their own data and code, finding a coding alteration that suppresses differential pre-trends and showing that "size growth" controls are lagged outcome controls; no corrected specification produces convincing evidence that the 2013 French dividend tax increase raised corporate investment. American Economic Review 2023, paywalled. Three core results with source locators, datasets used, and the estimating equations.
Does Floor Trading Matter: Brogaard, Ringgenberg & Roesch (2025) : Distilled: Using the COVID-19 suspension of NYSE floor trading on March 23, 2020 as a natural experiment, this paper finds that human floor traders significantly improve market quality: their removal raises proportional effective spreads by roughly 9 basis points (more than 70% of the pre-closure mean) and increases Hasbrouck pricing errors by approximately 6%. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the DiD identification design, and the mechanism tests.
Does Saving Cause Borrowing: Medina & Pagel (2025) : Distilled: A large-scale field experiment with 3.1 million Mexican bank customers shows that saving nudges increase savings and reduce spending but leave credit card borrowing unchanged, evidence more consistent with self- or partner-control explanations for the coholding puzzle than with transactions-convenience models. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the conceptual models, and the causal-forest method with its estimating equations.
Dollar Dominance and the Transmission of Monetary Policy: McLeay & Tenreyro (2026) : Distilled: The MCP model shows monetary easing can still strongly boost exports even under dollar pricing, with export quantities rising 0.95% vs. only 0.14% in sticky-price DCP models, because the binding constraint is supply capacity not demand. Panel evidence from 37 emerging economies and case studies of Canada, Chile, and three large Latin American devaluations confirm significant export responses to monetary-policy-induced exchange rate changes. The Quarterly Journal of Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the model, and the method.
Domestic Funds and Price Informativeness: Chen, Wu, Yang & Zhong (2026) : Distilled: Using Chinese listed companies (2005-2019), domestic fund ownership alone has no significant effect on stock price informativeness, but incentive-weighted domestic fund ownership significantly improves it through two channels: information processing and information provision. J. Financial Markets 2026, paywalled. Seven core results with source locators, datasets, the empirical design, and the firm-level price informativeness decomposition.
Double Robust Bayesian ATE Inference: Breunig, Liu & Yu (2025) : Proposes a doubly robust Bayesian procedure for ATE estimation under unconfoundedness that adjusts the conditional mean prior and corrects the posterior via the semiparametric efficient influence function, proving a new Bernstein-von Mises theorem with exact frequentist coverage under double robust smoothness. Simulations on Lalonde-Dehejia-Wahba data show near-nominal coverage (0.95-0.98) with shorter credible intervals than prior-adjusted Bayesian and doubly robust frequentist alternatives. Econometrica 2025, CC BY 4.0; LLM-distilled, not human-verified, not reproduced.
Dynamic Banking and the Value of Deposits: Bolton, Li, Wang & Yang (2025) : Distilled: A continuous-time structural model shows that banks cannot fully control deposit flows under leverage regulation, so deposit inflows can hurt shareholder value when equity capital is low, the deposit marginal q turns negative, and lending falls. J. Finance 2025, paywalled. Six core results with source locators, the model (HJB with deposit-dynamics state variable), and the method (ODE solution with boundary conditions).
Dynamic Competition in Negotiated Price Markets: Allen & Li (2025) : Distilled: Using Canadian mortgage contract data, Allen and Li document an "invest-and-harvest" pricing pattern and build a structural dynamic model of price negotiation with search and switching frictions to quantify market frictions and study counterfactual policies. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the model, and the estimation method.
Dynamic Trading with Realization Utility: Dai, Qin & Wang (2026) : Distilled: a jump-diffusion model with two-layered mental accounts shows that investors can optimally sell stocks at deep losses when savings are sufficient, and sell losing stocks after a price rebound when savings are low; leverage strengthens the disposition effect while leverage constraints mitigate it. J. Finance 2026, paywalled. Seven core results with source locators, the structural model with its equations, and the solution method.
Effects of Credit Expansions on Stock Market Booms and Busts: Hansman, Hong, Jiang, Liu & Meng (2025) : Distilled: Using China's staggered margin-lending deregulation (2010-2015) as a natural experiment, the paper finds causal evidence that credit expansions substantially raise stock prices, with the effect largely anticipated and front-run by unconstrained institutional investors. Review of Financial Studies 2025, paywalled. Seven core results with source locators, datasets used, the dynamic information-revelation model, and the empirical specifications (event study, RDD, panel regression).
Election Cycles and Systemic Risk: Kladakis & Skouralis (2026) : Distilled: Election years are associated with significantly higher bank systemic risk across 22 OECD economies (2000-2023), with ΔCoVaR rising 3.57% above the overall average in the election year, while the pre-election period shows a decline. The effect is stronger for snap elections, new-government outcomes, and common-law countries; macroprudential tightening mitigates it. Journal of Banking and Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the ΔCoVaR estimation method, and the panel regression specification.
Electronic Food Vouchers: Banerjee, Hanna, Olken, Satriawan & Sumarto (2023) : Distilled: An at-scale RCT across 105 Indonesian districts (3.4 million households) shows that switching from in-kind rice distribution to electronic food vouchers delivered 46 percent more subsidy to targeted poor households and cut poverty by 20 percent for the bottom 15 percent, driven by improved administrative fidelity rather than price-theoretic mechanisms. American Economic Review 2023, paywalled. Eight core results with source locators, the administrative-fidelity bargaining model, and the estimating equation.
Enlightenment Ideals and Belief in Progress: Almelhem et al. (2026) : Distilled: Using LDA topic modeling and sentiment analysis on 264,443 English volumes printed 1500-1900, this paper documents that science-language volumes secularized by the mid-eighteenth century, that those at the nexus of science and political economy became the most progress-oriented during the Enlightenment, and that industrial volumes at this nexus were the most progress-oriented from the mid-eighteenth century onward. QJE 2026, CC BY 4.0. Five core results with source locators, datasets used, the classification and sentiment methods with equations, and the estimating specifications.
Equilibrium Data Mining and Data Abundance: Dugast & Foucault (2025) : Distilled: A rational-expectations equilibrium model shows that data abundance (a larger data frontier) always raises price informativeness but can reduce data miners' search intensity and the capital allocated to quant funds, with asset managers' average performance being hump-shaped in both the data frontier and search costs. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, the model equations, and the equilibrium derivation.
ESG News, Future Cash Flows, and Firm Value: Derrien, Kruger, Landier & Yao (2025) : Distilled: Using RepRisk ESG incident data and IBES analyst forecasts across 9,737 firms in 49 countries from 2008 to 2019, the paper shows that negative ESG news causes analysts to significantly downgrade earnings forecasts at short and longer horizons, driven primarily by expected sales declines rather than higher costs, and that forecast revisions can account for most of the negative impact of ESG incidents on firm value. J. Finance 2025, paywalled. Ten core results with source locators, datasets used, the model (Gordon / dividend discount decomposition), and the empirical specifications.
Estimating Candidate Valence: Kawai & Sunada (2025) : Distilled: Kawai and Sunada estimate valence measures for U.S. House candidates by adapting the Olley and Pakes (1996) production function control function approach to an election game, controlling for endogenous campaign spending and selection from challenger entry. Incumbents have about 3.5 percentage-point higher valence than challengers on average, accounting for about 21 percent of the incumbency advantage. Econometrica Vol. 93(2), 2025, paywalled. Eight core results with source locators, the dynamic game model equations, and the structural estimation strategy; LLM-distilled, not human-verified.
Evidence and Lessons on Health Impacts of Public Health Funding: Dillender (2023) : Distilled: Exploiting staggered variation in Ryan White CARE Act Title I eligibility, this paper finds that federal HIV/AIDS funding to US cities reduced HIV/AIDS death rates by 15-17 percent, saved approximately 57,000 lives through 2018 at a cost of $334,000 per death avoided, and reduced HIV prevalence by 36-40 percent. American Economic Review 2023, open (AEA). Six core results with source locators, datasets used, identification strategy, and the estimating equations. LLM-distilled; not human-verified.
Excess Capacity, Marginal q, and Corporate Investment: Grullon & Ikenberry (2025) : Distilled: When managers anticipate excess capacity, average q becomes a biased proxy for marginal q; augmenting Tobin's q model with asset utilization (sales scaled by total capital including intangibles) substantially improves explanatory power in time-series and cross-sectional investment regressions, eliminates the paradoxical negative q-investment relation, and explains why investment rates have declined for decades despite rising average q. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the estimating specifications.
Factor Pricing Across Asset Classes: Dang, Hollstein & Prokopczuk (2026) : Distilled: Factor models specialized for one asset class have limited pricing power across others; markets are significantly but imperfectly integrated. An optimal eight-factor integrated model spanning five asset classes achieves a full-sample Sharpe ratio of 1.053, far exceeding the AMP global benchmark (0.171) and all single-class models. Journal of Empirical Finance 2026, CC BY-NC 4.0. Six core results with source locators, datasets used, the method, and the empirical specifications.
Failing Banks: Correia, Luck & Verner (2026) : Distilled: Using a new panel covering 37,000 US commercial banks from 1863 to 2024, Correia, Luck, and Verner show that bank failures across the full history of the US banking system are strongly predicted by deteriorating fundamentals, that failures with bank runs are as predictable as other failures, and that most pre-FDIC failures involved fundamentally insolvent banks. The Quarterly Journal of Economics 2026, public domain (US Government employee work). Nine core results with source locators, datasets, the insolvency condition, and the failure prediction specification.
Fed Put in the Equity Options Markets: Dahiya, Kamrad, Poti & Siddique (2026) : Distilled: Documents the Fed Put (Greenspan Put) in S&P 500 and S&P 100 equity index option markets. Put implied volatility is 3 to 5 percentage points lower during accommodative monetary policy, strongest when investor risk aversion is high, and concentrated in the pre-2008 period; the effect largely vanishes after the Global Financial Crisis. Journal of Banking and Finance 188 (2026), paywalled. Seven core results with source locators, the Taylor Rule identification design, and IV-GMM estimation.
Feedback Design in Dynamic Moral Hazard: Ely, Georgiadis & Rayo (2025) : Distilled: In a dynamic moral hazard setting with a binary success signal, the jointly optimal performance feedback and reward contract takes a two-phase bang-bang form: an initial silent phase (agent kept in the dark) followed by a full-transparency pronto phase, driven by a backward compounding effect that makes front-loading ignorance uniquely optimal. Econometrica 2025, CC BY-NC 4.0. Five core theoretical results with source locators, the model equations, and the solution method; LLM-distilled, not reproduced.
Feedback Effects and Systematic Risk Exposures: Banerjee, Breon-Drish & Smith (2025) : Distilled: Models feedback effects when managers learn discount rates (not just cash flows) from stock prices, applied to climate-exposed investment. Shows cash-flow and price maximization both fail to maximize welfare because neither internalizes hedging and risk-sharing benefits of investment. J. Finance 2025, paywalled. Seven core results with source locators, the model equations, and the equilibrium investment rules under each objective.
Financial Consequences of Pretrial Detention: Slutzky & Xu (2025) : Distilled: Using quasi-random assignment of court commissioners in Maryland as an instrument, this paper finds that pretrial detention causally raises household insolvency rates, driven by chapter 7 bankruptcy, judgment liens, and foreclosures in areas of declining house prices, with effects spilling over to family members rather than defendants themselves. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financial Education of Executives: Custodio, Mendes & Metzger (2025) : Distilled: An RCT with 92 medium and large Mozambican firms shows that an 18-hour MBA-style corporate finance course for top executives causes firms to reduce working capital by 0.4 to 0.5 standard deviations (driven mainly by shorter accounts receivable collection periods), generating cash that is channeled into capital expenditure and raising ROA by 0.6 to 1.1 standard deviations. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Financing Infrastructure in the Shadow of Expropriation: Acharya, Parlatore & Sundaresan (2025) : Distilled: A theory of optimal infrastructure financing under double moral hazard (private-sector operator shirking and government expropriation of project returns). The second-best contract features government guarantees to financiers, government coinvestment, development rights, and tax subsidies, matching observed practice in public-private partnerships. Review of Financial Studies 2025, paywalled. Seven core results with source locators, the model equations, and the method.
FinTech Lending and Cashless Payments: Ghosh, Vallee & Zeng (2026) : Distilled: Borrowers' use of cashless payments improves access to capital from FinTech lenders and predicts lower default probability, with outflows and information-intensive payment records showing the strongest effects. J. Finance 2026, CC BY-NC 4.0. Ten core results with source locators, datasets used, the signaling model, and empirical specifications.
Forest through the Trees: Bryzgalova, Pelger & Zhu (2025) : Distilled: Asset Pricing Trees (AP Trees) use decision-tree conditional sorts with global SDF-spanning pruning to build interpretable cross-sections of stock returns that achieve out-of-sample Sharpe ratios up to three times higher than conventional double and triple sorts. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (SDF projection), and the method (AP Trees + AP Pruning) with its defining equations.
Generalist CEO and Managerial Challenge: Gelman, Fralich, Bitektine & Zahraei (2026) : Distilled: CEO generalist experience raises announcement CARs only when the hiring firm faces a managerial challenge (high complexity or prior poor performance); the pooled average effect is zero. CEO compensation carries a stable experience premium regardless of firm challenge. Journal of Corporate Finance vol. 97 (2026), CC BY 4.0. Nine core results with source locators, datasets used, the CEO job-market toy model, and the event-study and OLS interaction specifications.
Geography and Hedge Fund Activism: Faleye (2026) : Distilled: Activist hedge funds disproportionately target firms located closer to their headquarters, yet activism returns are lower for nearer targets by 1.2 percentage points per one-standard-deviation decrease in distance. Economic explanations (activism costs, target selection, employee wealth transfers) are ruled out; results are consistent with familiarity bias in targeting decisions. Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and the estimation specifications.
Going for Broke: de Jong, Kooijmans & Koudijs (2025) : Distilled: Using 18th-century Dutch plantation mortgage-backed securities, this paper shows high-reputation banks originated better mortgages and issued securities retaining 17.5 percentage points more value during market collapse, with the effect attenuated when bankers were shielded from downside risk or had short-run profit focus. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the model (banker reputation and MBS quality), and the method (mediation analysis, OLS with MBS fixed effects).
Going Public and the Internal Organization of the Firm: Bias, Lochner, Obernberger & Sevilir (2026) : Distilled: German IPO firms become more hierarchical and standardized organizations in the two years before and during the IPO, adding management layers, narrowing control spans, expanding administrative functions, and standardizing job profiles. Hierarchy growth is more pronounced in firms with greater human capital risk. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and the estimating equations.
Green Window Dressing: Parise & Rubin (2025) : Distilled: ESG mutual funds strategically inflate their ESG factor loadings in the 10 days before mandatory portfolio disclosure, then revert to higher-return, lower-ESG holdings after filing. Three complementary tests (factor loadings, return gap, and stock-level CARs) all confirm the behavior, which boosts Morningstar sustainability ratings and attracts investor flows. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification design, and the estimating specifications.
Hidden Cost of ETF Investing: Liu, T. Zhang & Y. Zhang (2026) : Distilled: ETFs earn significantly positive overnight returns and negative intraday returns; the gap is driven by retail demand near the market open and arbitrage constraints that prevent immediate price correction. Journal of Banking and Finance 2026, CC BY 4.0. Seven core results with source locators, datasets used, the three tested hypotheses, and the estimating equations.
Household Portfolios and Retirement Saving: Parker, Schoar, Cole & Simester (2025) : Distilled: Using account-level data on millions of U.S. middle-class investors from 2006 to 2018, this paper documents that equity shares rose 10 percentage points relative to the 1990s, became hump-shaped over the life cycle, and were driven largely by the Pension Protection Act of 2006 and the adoption of target date funds as default options. Retirement contribution rates, by contrast, changed little. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification design (difference-in-differences around PPA 2006), and the estimating equations.
Housing Booms and Local Capital Misallocation: Liu, Zhao & Zhao (2026) : Distilled: Exploits China's 2010-11 housing purchase restriction (HPR) policy as a natural experiment to show housing booms crowd out bank credit to manufacturing firms via reduced household mortgage and local government loan demand, worsening capital misallocation; the HPR policy improvement raised China's aggregate industrial TFP by approximately 2-3%. Journal of Banking and Finance 2026, paywalled. Seven core results with source locators, datasets used, the DiD/event-study design, and the TFP aggregation equation.
How Costly Are Cultural Biases: D'Acunto, Ghosh & Rossi (2026) : Distilled: Using a P2P lending platform in India paired with a robo-advising tool, D'Acunto, Ghosh, and Rossi show that unassisted lenders discriminate against out-group (Muslim) and lower-caste (Shudra) borrowers, facing 8% higher defaults and up to 7.3 pp lower returns as a result. Robo-advising reduces both biases and improves lender-level returns by 4.5 to 7.3 pp, with biased beliefs as the dominant mechanism over taste-based discrimination. Journal of Financial Economics 2026, CC BY 4.0. Eight core results with source locators, datasets used, and the estimating equations.
How Credit Cycles across a Financial Crisis: Krishnamurthy & Muir (2025) : Distilled: Using credit spreads and credit growth across 17 countries from 1869 to 2022, this paper shows that spread spikes at crisis onset predict worse output losses, especially when precrisis credit growth was high, and that frothy credit markets (low spreads + high credit growth) predict future crises. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the FZ model of crises, and the estimating specifications.
How Much Does Racial Bias Affect Mortgage Lending: Bhutta, Hizmo & Ringo (2025) : Distilled: Using confidential HMDA data for 2018-2019, this paper finds that standard underwriting factors explain most racial denial disparities, leaving a residual 1 to 2 percentage point excess denial gap that is itself at least partially explained by unobserved risk factors rather than discrimination. J. Finance 2025, U.S. Government work (public domain). Seven core results with source locators, datasets used, the model, and the empirical specifications.
How to Dominate the Historical Average: Li, Li, Lyu & Yu (2025) : Distilled: Proposes a conservative-slope forecast for the equity premium that sets the predictive slope to a small positive constant (1/A), reducing bias relative to the historical average while matching its zero estimation variance, and proves ex ante that this forecast first-order stochastically dominates the historical average whenever the population predictive slope is nonzero. Review of Financial Studies 2025, CC BY-NC-ND 4.0. Seven core results with source locators, datasets used, the theoretical framework, and the empirical method.
How Well Does Bargaining Work: Freyberger & Larsen (2025) : Distilled: Freyberger and Larsen (2025) derive sharp nonparametric bounds on buyer and seller private value distributions and on the first-best trade probability from eBay Best Offer bargaining data, using a hierarchy of behavioral assumptions without specifying a complete equilibrium model. Under preferred assumptions (stochastic monotonicity and positive correlation), at least 37% of failed trades are cases where gains from trade existed. Econometrica 2025, paywalled. Seven core results with source locators, the bounds framework with equations, and the estimation approach.
Ideas Have Consequences: Ash, Chen & Naidu (2026) : Distilled: The Manne Economics Institute for Federal Judges shifted judicial behavior: trained judges used more economics language in their opinions, voted more often against federal regulatory agencies, and imposed stricter criminal sentences. The Quarterly Journal of Economics (2026), CC BY-NC 4.0. Seven core results with source locators, datasets used, and the DiD estimating equations.
Illegal Insider Trading Profitability and the Legal Environment: Batten, Liu & Sha (2026) : Distilled: Using 521 hand-collected adjudicated insider-trading cases from China (2006-2018), this paper finds that stronger provincial legal environments are associated with significantly higher per-trade abnormal returns, consistent with a risk-compensation mechanism in which stricter enforcement screens out low-return trades and leaves only high-return ones. Journal of Banking and Finance 185 (2026) 107609, CC BY 4.0. Six core results with source locators, datasets, and regression specifications. LLM-distilled, not human-verified.
Impediments to the Schumpeterian Process: Faccio & McConnell (2025) : Distilled: Using hand-assembled data on the 20 largest firms across up to 75 countries from circa 1910, Faccio and McConnell find that political connections are the primary impediment to the replacement of large firms, but only when accompanied by cross-border barriers to trade and capital flows. The Journal of Finance 80(6) 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Imperfect Financial Markets and Investment Inefficiencies: Albagli, Hellwig & Tsyvinski (2023) : Distilled: noisy information aggregation in equity markets creates a rent-seeking motive for incumbent shareholders that causes overinvestment in upside risks and underinvestment in downside risks; in general equilibrium an externality through aggregate share prices dampens overinvestment but amplifies underinvestment. AER 2023, paywalled. Six core theoretical results with equation locators, the partial and general equilibrium models with full equations, and the information-feedback extension. LLM-distilled.
Imperfect Intermediation of Money-Like Assets: Stein & Wallen (2025) : Distilled: T-bill rates fall below the Fed's RRP rate because money funds substitute imperfectly between T-bills and RRP, with heterogeneous and state-dependent elasticity, and because corporate treasurers demand T-bills as pledgeable collateral. When T-bill supply shrinks enough to drive elastic funds to a corner, remaining less-elastic funds become marginal, and supply shocks have an order-of-magnitude larger impact on T-bill rates. J. Finance 2025, paywalled. Eight core results with source locators, the theoretical model, and the empirical specifications.
Implicit Extrapolation and the Beliefs Channel: Liu & Palmer (2026) : Distilled: Households extrapolate past home-price returns into investment allocations beyond what their stated expectations reveal, roughly tripling the estimated effect of past returns on investment relative to a beliefs-only channel. J. Fin. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the Merton portfolio framework, and the main regression specifications.
In the Red: Di Maggio, Ma & Williams (2025) : Distilled: Banning high-to-low transaction reordering (HTLR) by banks reduces low-income consumers' payday borrowing by $85 per quarter (11%), improves credit scores, and raises consumption of essential goods, while also triggering bank branch closures in low-income areas. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy (class-action lawsuits as natural experiment), and the estimating specifications.
In Too Deep: Guenzel (2025) : Distilled: Quasi-random cost shocks in fixed-exchange-ratio stock mergers show that higher acquisition costs reduce subsequent divestiture rates by 8% to 9%, providing the first cleanly identified field evidence that sunk costs distort corporate investment decisions. J. Finance 2025, paywalled. Seven core results with source locators, the conceptual framework, the identification design, and the estimating equations.
Individuals and Organizations as Sources of State Effectiveness: Best, Hjort & Szakonyi (2023) : Distilled: Using 16 million Russian public procurement transactions (2011-2016), the paper measures that individual bureaucrats and organizations jointly explain 39 percent of the variation in quality-adjusted government procurement prices, with bureaucrats and organizations each accounting for roughly half. Bid preferences favoring domestic suppliers reduce prices when implemented by less effective bureaucrats but raise them when implemented by more effective ones. American Economic Review 2023, paywalled. Seven core results with source locators, datasets, the procurement model, and the variance decomposition method with defining equations.
Information, Mobile Communication, and Referral Effects: Barwick, Liu, Patacchini & Wu (2023) : Distilled: Using geocoded cellphone records from a Chinese telecom provider matched to administrative firm data, the paper provides the first direct evidence of increased communication between job seekers and their referrers around job changes (inverted U-shape peaking at the switch month), quantifies a referral effect of 0.35 on job location choice (nearly tripling the baseline probability), and shows referral jobs yield higher wages, shorter commutes, and faster firm growth. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Insider Trading with Options: Vacca (2026) : Distilled: Using Finnish securities registry data (1995-2014), Vacca (2026) documents that rank-and-file employees' open-market purchases of own-company call options predict weekly excess stock returns of approximately 60 basis points, peaking before earnings announcements and extending to supply-chain partners. Journal of Corporate Finance 98 (2026) 102963, CC BY 4.0. Seven core results with source locators, datasets used, and the identification strategy.
Institutional Investor Attention: Kwan, Liu & Matthies (2026) : Distilled: institutional funds shift attention to macro news when volatility rises; attention tracks holdings; attention to a stock predicts that position's value-add; attention by buying hedge funds predicts stock returns. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the theory tested, and empirical specifications.
Institutions' Return Expectations: Dahlquist & Ibert (2026) : Distilled: Institutional investors' subjective risk premia across equity, cash, and credit track objective (model-based) risk premia one-to-one and are countercyclical, but cross-sectional disagreement across institutions exceeds time-series variation and is driven mainly by heterogeneous views about long-term price-earnings ratio mean reversion. J. Fin. Econ. 2026, CC BY 4.0. Six core results with source locators, datasets used, the regression specifications, and the building-block decomposition of return expectations.
Insurance and Inequality With Persistent Private Information: Bloedel, Krishna & Leukhina (2025) : Distilled: Under any ergodic finite-state Markov type process, the optimal insurance contract always generates immiseration (Theorem 1), with backloaded high-powered incentives under positive serial correlation (Theorem 2). Econometrica 2025, paywalled. Five core results with source locators, the recursive contract model, the marginal cost martingale method, and numerical illustrations of speed of immiseration and short-run distortions.
Interlocking Directorates and Competition in Banking: Barone, Schivardi & Sette (2025) : Distilled: Exploiting Italy's 2011 Monti Decree, which unexpectedly banned shared board members among competing banks, the paper finds that prohibiting interlocks reduced corporate loan interest rates by 14 to 32 basis points on previously interlocked relationships, with larger drops for high-quality firms and high-market-share networks, and a subsequent increase in price dispersion consistent with competitive pricing. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Intermediary Leverage Shocks and Funding Conditions: Fontaine, Garcia & Gungor (2025) : Distilled: Broker-dealer aggregate leverage responds to both demand and supply disturbances with opposite effects on expected returns and funding conditions. Disentangling the two shocks resolves sign puzzles on raw leverage risk across equity, bond, and option markets and confirms intermediary constraints as a priced source of risk. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the econometric model, and the structural VAR identification procedure.
Intraday Proprietary Traders and Short-Term Mispricing: Anshuman et al. (2026) : Distilled: Using trader-level BSE transaction data and hand-collected Indian TV analyst recommendations, the paper shows only intraday proprietary traders trade contrarian against short-term recommendation-induced mispricing, earning informed-trading profits while bearing liquidity costs; overnight proprietary traders provide liquidity but do not exploit the mispricing. Journal of Financial Markets 2026, paywalled. Six core results with source locators, datasets used, and the empirical specifications.
Intrahousehold Disagreement about Macroeconomic Expectations: Ke (2025) : Distilled: Using the Health and Retirement Study and a preregistered randomized survey experiment, Da Ke documents that five in six U.S. married couples disagree about macroeconomic expectations (inflation, recessions, stock returns), and that intrahousehold belief disagreement causally reduces household stock market participation on both the extensive and intensive margins. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the empirical model, and the experimental specifications.
Investment under Upstream and Downstream Uncertainty: Grigoris & Segal (2026) : Distilled: upstream (supplier-level) uncertainty reduces firm investment, hiring, and working capital while downstream (customer-level) uncertainty has a weaker and often positive effect; the asymmetry is amplified for long time-to-build firms and scales to the macro level. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Investor Composition and Liquidity Component: Li & Yu (2026) : Distilled: The loading of U.S. corporate bond credit spreads on bid-ask spreads more than doubled from 2005 to 2019 as mutual funds and ETFs grew, raising the liquidity component from roughly 10% to 30% of credit spreads. A directed-search model with heterogeneous investors and bonds shows that the inflow of short-term investors (mutual funds, ETFs) amplifies secondary-market frictions on prices via both a direct trading-frequency channel and an indirect trade-delay channel. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the model, and the method with its key equations.
Investor Factors: Betermier, Calvet, Knupfer & Kvaerner (2025) : Distilled: pricing factors built from individual investor holdings (Norway 1997-2017); a two-factor model of the market plus a combined age-wealth portfolio prices the cross section of Norwegian equities out-of-sample and absorbs established firm factors. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Investor Memory: Godker, Jiao & Smeets (2025) : Distilled: Three lab and online experiments document a positive memory bias in investment outcomes: subjects overremember gains and underremember losses, which translates into overly optimistic beliefs, excess reinvestment, and overconfidence about stock-picking ability. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the experimental model, and the estimating specifications.
Law and Norms: Lane, Nosenzo & Sonderegger (2023) : Distilled: Using incentivized vignette experiments and a legal-threshold identification strategy, Lane, Nosenzo, and Sonderegger show laws causally shape social norms, producing sharp discontinuities in perceived social appropriateness at legal thresholds across UK, US, and Chinese samples (n=7,000). American Economic Review 2023, paywalled. Eight core results with source locators, the social-image model, and the estimating regressions.
Laws and Norms: Bénabou & Tirole (2025) : Distilled: A unified theory of how intrinsic motivation, material incentives, and social norms jointly shape compliance and optimal public policy. Derives modified Pigou-Ramsey taxation correcting for reputational rents, and characterizes when the expressive content of law makes incentives softer or tougher than the symmetric-information optimum. Journal of Political Economy 2025, paywalled. Eight core results with proposition locators, the model equations, and the signaling-equilibrium analysis.
Leaving School VA on the Table: Ainsworth, Dehejia, Pop-Eleches & Urquiola (2023) : Distilled: Romanian households leave roughly one standard deviation of school value added unexploited when choosing high school tracks; both incomplete information and preferences for curricular focus and peer quality contribute, with preferences explaining 83 percent of the gap that would remain after full information correction. An information RCT raises value added by 0.12 SD for low-achieving students (out of 1 SD potential); a rank-ordered logit and counterfactual simulation decompose the residual. American Economic Review 2023, AEA open access. Seven core results with source locators, datasets used, the model, and the method.
Lenders Pricing Cybersecurity Risk: Choi, Degryse & Smedts (2026) : Distilled: Using syndicated loan data for U.S. non-financial firms (2012-2018), lenders charge 4 to 13 basis points higher loan spreads for firms with rising ex-ante cybersecurity risk, with commercial banks pricing more conservatively than non-bank lenders and pricing concentrated among lenders who are themselves aware of cybersecurity risk. Cybersecurity insurance does not mitigate the higher spreads. Journal of Corporate Finance vol. 98, 2026, paywalled; eight core results with source locators, the regression specifications, and datasets used.
Local Peer Effects and Corporate Investment: Bao & Goetz (2026) : Distilled: Using staggered U.S. state corporate income tax changes as an instrument within cross-state Economic Areas, Bao and Goetz identify a positive causal effect of local peer firms' investment on a firm's own investment, confirmed separately for physical and intangible capital, with learning from same-type peers as the primary mechanism. Journal of Corporate Finance vol. 97 (2026), paywalled. Seven core results with source locators, datasets used, and empirical specifications.
Location Sorting and Endogenous Amenities: Almagro & Dominguez-Iino (2025) : Distilled: A dynamic spatial equilibrium model of Amsterdam shows that heterogeneous household preferences over endogenous consumption amenities increase residential sorting across neighborhoods but reduce welfare inequality, while short-term rental entry raises rents for all but redistributes welfare gains and losses across household types through the amenity channel. Econometrica 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model, and the method with its defining equations.
Long and Short Run of Trade Elasticities: Boehm, Levchenko & Pandalai-Nayar (2023) : Distilled: using MFN tariff variation and local projections, this paper estimates the trade elasticity at every time horizon, finding -0.76 in the short run and approximately -2 in the long run, converging over 7-10 years. Long-run estimates are substantially smaller in absolute value than conventional wisdom, implying welfare gains from trade five to six times larger than standard estimates. AER 2023, paywalled. Six core results with source locators, datasets, the dynamic model, and the MFN instrumental variable.
Long-Horizon Exchange Rate Expectations: Kremens, Martin & Varela (2025) : Distilled: Two-year-ahead survey forecasts of financial professionals successfully predict currency appreciation both in and out of sample, with estimated slope coefficients close to one. Three macro-finance variables (quanto-implied risk premium, real exchange rate, current account-to-GDP) explain most of the variation in survey expectations, with no residual "secret sauce." J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the theoretical framework (SDF-based UIP identity), and the main empirical specifications.
Losing Control: Griffin, Nini & Smith (2026) : Distilled: the annual share of U.S. public firms reporting a financial covenant violation fell roughly 70% from 1997 to 2019; a structural decomposition shows the drop is driven mainly by fewer false-positive violations and a lower corporate distress rate, not a deterioration in lender monitoring ability. J. Finance 2026, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Lucky Survivor: Van Binsbergen, Hua, Peeters & Wachter (2025) : Distilled: Using a cross-section of 55 countries from 1920 to 2020, the paper quantifies survivorship bias in U.S. equity market performance via a hierarchical Bayesian model that cross-learns crash risk across countries, finding that survivorship bias explains about one-third of the 6% historical U.S. equity premium, with luck and learning jointly accounting for roughly 2 percentage points. J. Finance 2025, CC BY-NC-ND 4.0. Five core results with source locators, datasets used, the model (hierarchical Beta-Bernoulli crash-belief model), and the method (Hamiltonian Monte Carlo MCMC).
M&As and Innovation: Farida, Fidrmuc & Zhang (2026) : Distilled: Acquiring private rather than public targets raises acquirer patent quantity, quality, and economic value by 8 to 15 percent more, with larger innovation synergies and inventor-network growth, in a matched US sample 1990-2020. Journal of Corporate Finance 96 (2026) 102905, CC BY 4.0. Seven core results with source locators, datasets used, the hypothesis framework, and the PPML difference-in-differences specification.
Macroeconomics of the Greek Depression: Chodorow-Reich, Karabarbounis & Kekre (2023) : Distilled: An estimated structural dynamic general equilibrium model decomposes Greece's 1998-2017 boom-bust cycle. Tax policy accounts for the largest fraction of the production bust (-18 of -34 model log-point decline), while uninsurable idiosyncratic income risk drives the bust in consumption and wages. Spending-based fiscal consolidation would have reduced the output bust by roughly 7 log points. American Economic Review 2023, paywalled. Eight core results with source locators, the model equations, and the Bayesian estimation approach. LLM-distilled, not human-verified.
Making Subsidies Work: Cingano, Palomba, Pinotti & Rettore (2025) : Distilled: Using a regression discontinuity design around Italy's L488/92 investment subsidy program (1996-2007), this paper finds that subsidies raised firm investment by 43% and employment by 17% over six years, at a cost per new job 3.5 times higher in Southern than Northern Italy. Eliminating political discretion from allocation would reduce cost per job by 11%, while relying solely on discretion would raise it by 42%. Econometrica 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Mandatory CSR Spending and Firm Risk: Chauhan, Ghosh & Jadiyappa (2026) : Distilled: Exploiting India's 2013 mandatory CSR regulation as a quasi-natural experiment, this paper finds that firms subject to mandatory CSR spending exhibit higher systematic risk (equity beta) than non-subject firms, with operating leverage as the primary transmission channel. Journal of Corporate Finance vol 98 (2026) 102965, paywalled (Elsevier). Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Marginal Returns to Public Universities: Mountjoy (2026) : Distilled: Using a fuzzy regression discontinuity design across hundreds of SAT/ACT admission cutoffs at all 35 Texas public universities, this paper establishes that marginal admission raises four-year credits by one year, BA completion by 12 percentage points, and earnings by 8.6%; internal rates of return are 26% for students and 16% for society. QJE 2026, CC BY 4.0. Nine core results with source locators, datasets used, the RD design with equations, and the intensive/extensive margin bounding method.
Market Structure, Investment, and Technical Efficiencies in Mobile Telecommunications: Elliott et al. (2024) : Distilled: A structural model of mobile telecommunications quantifies the trade-off between market power and scale efficiency from consolidation. Applied to the French market, consumer surplus is maximized at eight firms while total surplus peaks at four; all bilateral mergers among France's four operators decrease consumer surplus. Marginal social value of spectrum is approximately five times a firm's auction willingness to pay. Journal of Political Economy 2024, paywalled. Five core results with source locators, the full model, estimation method, and datasets used.
Micro Anatomy of Macro Consumption Adjustments: Guntin, Ottonello & Perez (2023) : Distilled: Documents that consumption-income elasticities are near unity across all income groups during macro consumption crises (Euro crisis and emerging-market sudden stops), including among top-income and asset-rich households; a calibrated heterogeneous-agent model shows the permanent-income view explains the micro patterns while credit-tightening theories predict a cross-sectional pattern inconsistent with the data. American Economic Review 2023, AEA copyright (free-to-read after 12-month embargo). Seven core results with source locators, datasets used, the model, and the empirical specifications.
Minority Representation at Mortgage Lenders: Frame, Huang, Jiang, Lee, Liu, Mayer & Sunderam (2025) : Distilled: Using new data linking U.S. mortgage applications to individual loan officers via NMLS and confidential HMDA, the paper shows that minority borrowers face lower completion, approval, and origination rates when matched with White loan officers, but these gaps shrink substantially under minority loan officers, and that minority-officer-matched loans also default less, consistent with an informational advantage rather than favoritism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
Mobility and Congestion in Urban India: Akbar, Couture, Duranton & Storeygard (2023) : Distilled: Develops city-level vehicular speed indices decomposable into uncongested speed and a congestion factor, applied to 57 million simulated Google Maps trips in 180 Indian cities. Uncongested speed explains 70 percent of cross-city speed variance; congestion explains only 13 percent, overturning the view that slow Indian cities are primarily congested. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the index methodology, and the empirical specifications.
Monetary Policy and Wealth Effects: Caramp & Silva (2026) : Distilled: In a heterogeneous-agent New Keynesian model with rare disasters and heterogeneous beliefs (D-HANK), monetary contractions raise risk premia and redistribute wealth from optimists to pessimists; the resulting time-varying precautionary motive accounts for roughly 60% of the aggregate consumption response, the wealth effect for 30%, and the standard intertemporal-substitution channel for less than 10%. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method with its defining equations.
Monetary Policy, Inflation, and Crises: Jimenez, Kuvshinov, Peydro & Richter (2026) : Distilled: A U-shaped monetary policy rate path (prolonged cuts followed by hikes) substantially raises banking crisis risk across 17 countries from 1870 to 2020, via credit and asset price boom-bust cycles, with loan-level evidence from Spain confirming the credit supply channel. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the empirical specifications, and identification strategy.
Mutual Fund Stars: Hounyo & Lin (2026) : Distilled: Hounyo and Lin identify a "duplicate observations" flaw in the Fama-French (2010) bootstrap for mutual fund performance tests and propose a wild bootstrap fix (CSDWB). Applied to U.S. equity mutual funds (1984-2019), CSDWB finds a measurable fraction outperform the market, concentrated before 2003. Journal of Empirical Finance 2026, paywalled. Six core results with source locators, datasets used, the regression framework, and the wild bootstrap method with its defining equations.
Not Too Late: Guryan, Ludwig et al. (2023) : Distilled: Two large-scale RCTs (n=5,343) of high-dosage tutoring with paraprofessional tutors in Chicago public high schools find math test score gains of 0.18 SD (Study 1) and 0.40 SD (Study 2), persisting at 0.23 SD one to two years later. American Economic Review 2023, paywalled. Nine core results with source locators, datasets used, the Lazear-based classroom model, and ITT/TOT regression specifications.
Occupational Exposure to Capital-Embodied Technical Change: Caunedo, Jaume & Keller (2023) : Distilled: Using the first measures of capital-embodied technical change (CETC) at the occupational level, Caunedo, Jaume, and Keller show that CETC accounts for 95% of gross US labor reallocation between 1984 and 2015, with heterogeneous capital-labor substitutability (not the extent of CETC) as the key driver. American Economic Review 2023, AEA standard (free access). Seven core results with source locators, datasets used, the model, and the method.
Old Boys' Club: Cullen & Perez-Truglia (2023) : Distilled: Face-to-face social interactions with managers give same-gendered employees a promotion advantage at a large anonymous commercial bank in Southeast Asia, with quasi-random manager rotations providing causal identification; the male-to-male advantage accounts for about 40 percent of the gender pay gap in promotions at this firm. American Economic Review 2023, paywalled. Eight core results with source locators, datasets used, the event-study design, and the empirical specifications with equations. LLM-distilled, not human-verified.
Opening Up Military Innovation: Howell, Rathje, Van Reenen & Wong (2025) : Distilled: Using a sharp regression discontinuity design in the U.S. Air Force SBIR program, the paper shows that Open (bottom-up, unspecified) awards increase military technology adoption by 11.4 pp, VC investment by 12 pp, and patenting by 7-9 pp, while Conventional (top-down, specified) awards have no such effects and create program lock-in. Journal of Political Economy 2025, VOR paywalled. Six core results with source locators, datasets used, and the estimating equation.
Optimal Contracting with Altruistic Agents: Gaynor, Mehta & Richards-Shubik (2023) : Distilled: A structural screening model estimated on 2008-2009 Medicare EPO claims shows that optimal nonlinear payment contracts for dialysis providers eliminate all medically excessive dosages and reduce spending by 12-48%, for aggregate gains of roughly $300 million per year. American Economic Review 2023, paywalled. Seven core results with source locators, the model, the method (demand profile approach for supply contracting), and the empirical specifications with equations.
Optimal Fiscal Policy with Heterogeneous Agents: Le Grand & Ragot (2025) : Distilled: Le Grand and Ragot (2025) show that positive capital taxes and public debt can both be optimal in a heterogeneous-agent model when credit constraints occasionally bind and utility is non-CRRA (GHH or DRRA), overturning the Chamley-Judd zero-capital-tax result. Optimal public debt rises after a low-persistence public spending shock but falls after a high-persistence shock. Journal of Political Economy 133(7), 2025, paywalled. Six core results with source locators, the structural model equations, and the solution method.
Optimal Insurance: Gershkov, Moldovanu, Strack & Zhang (2023) : Distilled: Characterizes profit-maximizing insurance menus under adverse selection with dual-utility (Yaari 1987) agents and random losses: optimal contracts are layer contracts where the retention slope is 0 or 1 almost everywhere, deductibles arise when private information concerns loss probability, and coverage limits when it concerns loss magnitude. American Economic Review 2023, paywalled. Seven core theoretical results with source locators, the model, and the solution method.
Optimal Monetary Policy According to HANK: Acharya, Challe & Dogra (2023) : Distilled: In an analytically tractable HANK model with idiosyncratic income risk, optimal monetary policy places roughly twice as much weight on output stabilization relative to inflation as in RANK (calibrated Upsilon = 1.76 vs 1), adds the level of output to the target criterion (calibrated delta = 0.6), and tolerates inflation to cushion output declines after aggregate shocks. American Economic Review 2023, paywalled. Six core results with source locators, the CARA-normal HANK model, the LQ planning problem, and the HANK target criterion equations.
Optimal Policy under Dollar Pricing: Egorov & Mukhin (2023) : Distilled: In a generalized sticky-price open economy model with dollar currency pricing, targeting domestic inflation is robustly optimal for non-US central banks, capital controls cannot improve welfare unilaterally, and US monetary policy deviates from domestic price stabilization to manipulate global demand. American Economic Review 113(7) 2023, paywalled. Eight core results with source locators, model equations (open-economy DGE with DCP), and the planner Lagrangian method.
Optimal Procurement with Quality Concerns: Lopomo, Persico & Villa (2023) : Distilled: This paper derives the optimal procurement mechanism when low-cost suppliers are also low-quality (adverse selection), finding that a lowball lottery auction (LoLA) with a floor price and a reserve price maximizes any weighted average of buyer surplus and social surplus subject to incentive compatibility. Applied to Italian government procurement data, the buyer-optimal LoLA yields up to 15 percent higher buyer surplus than a first-price auction. American Economic Review 2023, paywalled. Seven core results with source locators, the mechanism design model, and LoLA with its defining equations. LLM-distilled.
Options Trading and Price Stability: Kim (2026) : Using the SEC Penny Pilot Program as a natural experiment, Kim (2026) provides causal evidence that options trading reduces stock price volatility: a one-standard-deviation increase in options volume lowers total volatility by 1.21 percentage points via a liquidity buffer channel and a mispricing correction channel. Journal of Banking and Finance 185 (2026), paywalled. Six core results with source locators, datasets used, the identification strategy, and the regression specifications. LLM-distilled, not human-verified.
OTC Markets for Nonstandardized Assets: Nozawa & Tsoy (2025) : Distilled: Nozawa and Tsoy build a search-and-bargaining model of OTC markets for nonstandardized assets, deriving that bargaining delays are hump-shaped in unobserved asset quality and asset turnover is U-shaped. Empirical tests on corporate bonds (TRACE, 2002-2020) and commercial real estate (CoStar, 1998-2022) confirm the U-shaped liquidity pattern; a placebo test on agency MBS finds no such pattern. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Parenting with Patience: Del Boca, Flinn, Verriest & Wiswall (2026) : Distilled: A Markov Perfect Equilibrium model of joint parent-child cognitive skill investment estimates that Conditional Cash Transfers reduce child patience by 13-17% and that intrinsic-motivation crowding-out is the primary reason parents limit their use. Journal of Political Economy 134(1), 2026, paywalled. Seven core results with source locators, the parent-child dynamic game (utility, skill production, CCT design, discount factor transition), the Method of Simulated Moments estimator, and three datasets (PSID-CDS, Steinberg et al. 2009, Osaka PPS).
Partisanship and Fiscal Policy in Economic Unions: Carlino, Drautzburg, Inman & Zarra (2023) : Distilled: Using a regression discontinuity design on close gubernatorial elections, the paper shows Republican governors spend 0.29 percentage points less (elasticity) per 1 percent increase in federal intergovernmental transfers than Democratic governors, instead reducing debt and cutting taxes with a two-year lag; a calibrated New Keynesian two-state monetary union model implies the IG transfer impact multiplier falls by 0.58 under equal partisan representation relative to an all-Democratic benchmark. American Economic Review 113(3), 2023, paywalled. Eight core results with source locators, the NK model equations, and the RDD specification; LLM-distilled, not human-verified.
Pay Restrictions and Labor Investment: Cao, Hasan, Huang & Zhao (2026) : Distilled: Exploiting China's 2014 SOE executive compensation reform as a quasi-natural experiment, this paper shows pay restrictions reduce abnormal labor investment in state-owned enterprises by 3.91 to 4.82 percent, operating through strengthened internal governance and reduced social comparison between executives and rank-and-file employees. Journal of Corporate Finance 2026, paywalled. Eight core results with source locators, datasets used, and the empirical specifications.
Paying Too Much: Bhutta, Fuster & Hizmo (2026) : Distilled: many U.S. mortgage borrowers significantly overpay relative to rates available in their market on the same day; overpayment is largest for FHA and low-FICO borrowers and rises when market interest rates are low; borrower sophistication (shopping and knowledge) strongly predicts lower rates and competition benefits sophisticated borrowers most. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the EGain model, and the key estimating specifications.
Peer Effects in Financial Expectations: Thornton (2026) : Distilled: Using the British Household Panel Survey and an instrumental variables strategy, Thornton (2026) provides causal evidence that neighborhood financial expectations positively influence individual financial expectations, with a one-standard-deviation peer effect equal to roughly 31% of the family effect in financial beliefs. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the empirical specifications.
Permanent Capital Losses after Banking Crises: Baron et al. (2026) : Distilled: Studying 76 bank equity crises across 46 economies since 1870, this paper documents that banking crises produce large, permanent declines in bank capital driven by asset write-downs rather than temporary price dislocations, and that forceful liquidity interventions restore only a transient fraction of bank value. Historical government recapitalizations have been too small, delayed, and narrow to restore banking sector capitalization. The Quarterly Journal of Economics, 2026, paywalled. Eight core results with source locators, datasets used, and empirical specifications.
Personal Communication in an Automated World: Laudenbach & Siegel (2025) : Distilled: Personal two-way phone communication between a bank agent and a delinquent borrower increases timely repayment by 34.4 percentage points, reduces default by 23.8 percentage points, and reduces loan termination by 12.4 percentage points, identified via an IV exploiting random day-of-first-call variation. Evidence from a large German bank's early collection call center, Jan-Jun 2012, N=3,448 POS loan borrowers. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (IV framework), and the method (2SLS + MTE estimation).
Persuading Investors: Hu & Ma (2025) : Distilled: Using machine learning to process 1,139 startup pitch videos across visual, vocal, and verbal dimensions, this paper finds that more positive pitch delivery (the Pitch Factor) raises accelerator funding probability by 3 pp (35.2% from baseline), yet funded startups with higher positivity underperform on every long-run measure, consistent with inaccurate investor beliefs (80%) and preference-based taste (20%) as the mechanism. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model, and the method.
Persuasion through Slanted Language: Djourelova (2023) : Distilled: Djourelova (2023) exploits the AP's April 2013 ban on the term "illegal immigrant" to show that slanted language diffuses from news wires to local media and causally lowers public support for restrictive immigration policies. American Economic Review 113(3), 2023, AEA open access. Eight core results with source locators, datasets used, identification design, and estimating equations.
Policy News and Stock Market Volatility: Baker, Bloom, Davis & Kost (2026) : Distilled: Baker, Bloom, Davis and Kost build newspaper-based Equity Market Volatility (EMV) trackers that track the VIX with R-squared above 0.60 in-sample and 0.55 out-of-sample through 2023; policy news accounts for 35-55% of EMV articles; category EMV trackers combined with 10-K exposures explain cross-sectional realized volatility. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, the tracker construction, and empirical specifications.
Policy Uncertainty Reduces Green Innovation: Wang, Wurgler & Zhang (2026) : Distilled: Exogenous weather-driven variability in Chinese environmental subsidy allocations reduces firms' green R&D investment and green R&D employment, with stronger effects on green-tech and subsidy-reliant firms. Journal of Financial Economics 2026, paywalled. Six core results with source locators, datasets used, a mean-variance model of investment under subsidy uncertainty, and a two-stage IV specification using weather volatility as an instrument for policy uncertainty.
Political Economy of International Regulatory Cooperation: Maggi & Ossa (2023) : Distilled: cooperative agreements on product standards induce co-lobbying and lead to excessive deregulation when producer lobbies are strong, reducing welfare; agreements on process standards trigger counter-lobbying, tightening regulations and improving welfare when lobbies are powerful. American Economic Review 113(8) 2023, paywalled. Five core propositions with source locators, the lobbying-extended regulatory model, and the equilibrium characterization method.
Political Foundations of Racial Violence: Testa & Williams (2026) : Distilled: Using a regression discontinuity design on close presidential elections in the post-Reconstruction South (1880-1900), Testa and Williams show that a narrow Democratic county loss raised Black lynching probability by roughly 10 percentage points, while Democratic-aligned newspapers amplified anti-Black crime narratives after those losses, foreshadowing the vote-suppression machinery of Jim Crow. The Quarterly Journal of Economics 2026, paywalled. Eight core results with source locators, datasets used, the identification strategy, and estimating equations.
Presidential Address: Housing Betas: Piazzesi (2025) : Distilled: Housing betas (the stock-market beta of housing returns) were negative before the Global Financial Crisis and turned positive after it, despite highly correlated cashflow growth rates across the two asset classes. A heterogeneous-agent model with segmented and credit-connected markets explains the pre-GFC puzzle. J. Finance 2025, paywalled. Eight core results with source locators, the model (OLG segmented-markets Lucas tree), and the propositions on negative comovement.
Pricing Poseidon: Kruttli, Roth Tran & Watugala (2025) : Distilled: Firms in hurricane landfall regions experience implied volatility increases of up to 18%, reflecting persistent impact uncertainty that takes months to resolve; investors systematically underreact to this uncertainty until Hurricane Sandy (2012) served as a salient learning event. J. Finance 2025, CC BY-NC 4.0. Seven core results with source locators, datasets used, the theoretical model, and the empirical specifications.
Privacy and Team Incentives: Buffa, Liu & White (2025) : Distilled: When compensation contracts are bilateral and private, principals contracting with complementary-effort teams face a commitment problem that depresses incentive pay. Delegating contracting authority to the most skilled agent (team leader) mitigates the problem via an observability effect, and dominates centralized contracting when effort intensity is high enough or agents are sufficiently asymmetric. The Journal of Finance 2025, paywalled. Seven core results with source locators, no estimation, pure theory with a banking-syndicate application.
Private Equity and Financial Stability: Johnston-Ross, Ma & Puri (2025) : Distilled: Using proprietary FDIC failed-bank bidding data and a quasi-random close-bid design, Johnston-Ross, Ma, and Puri show that PE investors filled the capital gap in the 2008 crisis by acquiring riskier failed banks that incumbent banks avoided, and that PE-acquired banks outperformed on branch preservation, deposit growth, small business lending, and regional employment recovery. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the estimating equations.
Profits, Scale Economies, and Trade Gains: Lashkaripour & Lugovskyy (2023) : Distilled: Second-best trade taxes are a poor substitute for Pigouvian industrial subsidies at correcting scale-economy misallocation, raising average real GDP by only 1.19 percent versus 3.05 percent under the first-best in a calibrated multi-country Krugman model. Unilateral corrective industrial policies trigger immiserizing growth (average -2.78 percent), while coordinated policies via a deep agreement deliver +3.42 percent gains. American Economic Review 113(10), 2023, paywalled. Five core results with source locators, datasets used, the model (generalized Krugman 1980 with nested CES preferences), and the estimation method (shift-share exchange rate IV on Colombian firm-level import data).
Proof-of-Work versus Proof-of-Stake: John, Rivera & Saleh (2025) : Distilled: John, Rivera, and Saleh develop an equilibrium model showing that Proof-of-Stake blockchains generate higher security than equivalent Proof-of-Work blockchains under real-world parameter values, and that this advantage is particularly salient at high scale. Review of Financial Studies 2025, paywalled. Eight core results with source locators, the model equations, and the method.
Propagation of Cyberattacks through the Financial System: Kotidis & Schreft (2025) : Distilled: Using confidential Federal Reserve data on a multiday cyberattack on a technology service provider, Kotidis and Schreft (2025) quantify first-, second-, and third-round propagation effects through the Fedwire payment system, finding that business continuity plans and Federal Reserve support materially mitigated the disruption. J. Finance 2025, U.S. Government work, public domain in the USA. Eight core results with source locators, datasets used, the empirical framework, and the estimating equations.
Prospect Theory in the Field: Han, Sui & Yang (2026) : Distilled: Funds whose past returns generate higher prospect theory value attract larger future flows, confirmed by panel regressions and account-level trading data from January 1981 to June 2022. A revealed preference analysis recovers loss aversion of 1.824 and curvature of 0.745, aligned with lab-based studies. Journal of Financial Economics 2026, CC BY 4.0. Seven core results with source locators, datasets used, the prospect theory valuation framework, and the empirical specifications.
Raising Capital from Investor Syndicates: Luo (2025) : Distilled: An entrepreneur raising capital from a syndicate can use contract design to shape whether investors communicate truthfully or strategically persuade each other, explaining why flat contracts suit low-quality projects while hierarchical (differential-return) contracts suit high-quality ones. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the game-theoretic model, and the formal equilibrium characterizations.
Real Effects of Centralized Markets: Martin (2025) : Distilled: Using staggered NYMEX steel futures introductions (2008, 2012) as natural experiments in a difference-in-differences framework, this paper finds that centralizing derivative markets reduces price dispersion in the physical product market by 6 pp (CV), lowers product prices by 3-4%, increases producer hedging, shifts market share toward low-cost firms, and reduces producer operating profits by 1.6-1.9 pp. Review of Financial Studies 2025, CC BY 4.0. Seven core results with source locators, datasets used, hypotheses, and the empirical specifications.
Real Effects of Tick-Size Adjustments: Lin, Yao & Zou (2026) : Distilled: Using the SEC's 2016 Tick Size Pilot as an exogenous shock to stock liquidity, this paper shows that pilot firms required to quote and trade at a larger minimum price increment significantly reduce M&A investment intensity, shift toward smaller private targets, cut stock payment, and retain only deals with better announcement returns during the two-year pilot; the effect reverses partially after the pilot ends. Journal of Corporate Finance 96 (2026), paywalled (Elsevier). Nine core results with source locators, the DID specification, and channel evidence on information asymmetry and valuation. LLM-distilled, not human-verified.
Real Estate Collateral, Lender Screening, and M&A Performance: Gao, Luong & Qiu (2026) : Distilled: Higher market value of corporate real estate (REMV) improves acquirer M&A deal quality measured by three-day announcement returns, operating through two channels: real estate collateral triggers tighter lender acquisition covenants (ex-ante screening), and REMV appreciation expands financial flexibility for constrained firms in high-growth industries. Journal of Corporate Finance 98, 2026, CC BY 4.0. Seven core results with source locators, the empirical specifications, and the REMV construction equations.
Regulating Over-the-Counter Markets: Lee & Wang (2025) : Distilled: Lee and Wang embed dealer cream skimming via price discrimination into a Glosten-Milgrom framework and show that restricting OTC dealer discrimination worsens aggregate volume and average spreads yet can raise utilitarian welfare whenever adverse selection risk is low, via a novel cheap-substitution mechanism. J. Finance 2025, CC BY 4.0. Six core results with source locators, datasets used (theoretical; empirical patterns in Internet Appendix), the model, and the method.
Regulation Design in Insurance Markets: Bhaskar, McClellan & Sadler (2023) : Distilled: The paper models insurance regulation as a delegation problem and shows a regulator can implement the socially optimal allocation by requiring each firm menu to include at most two latent contracts that are never purchased in equilibrium but deter the firm from misusing its private signal about consumers. American Economic Review 2023, paywalled. Six core results with source locators, the formal model, and the mechanism with equations.
Regulatory Fragmentation: Kalmenovitz, Lowry & Volkova (2025) : Distilled: Using the full text of the Federal Register (1994-2019), the paper constructs a firm-specific measure of regulatory fragmentation and documents that fragmentation increases firm costs (SG&A +4.3% SD), reduces productivity (TFP -3.6% SD) and profitability (ROA -5.3% to -5.9% SD), slows growth, deters entry, and pushes out small firms, with inconsistency across agencies driving more harm than mere duplication. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the measurement framework, and the estimating specifications.
Relinquishing Riches: Covert & Sweeney (2023) : Distilled: Auctioned oil and gas leases in Texas generate 53 log points more in up-front bonus payments and 39 log points more output than informally negotiated leases, measured using a natural experiment from early-twentieth-century Texas land allocation decisions. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the identification strategy, and the estimating equations.
Repo over the Financial Crisis: Copeland & Martin (2025) : Distilled: Using new confidential data covering all four segments of the U.S. repo market (bilateral and tri-party, interdealer and dealer-to-client), this paper documents that the 2008 decline in repo activity was largest in bilateral (MIX) segments and disproportionately concentrated in Treasury-backed repos, and was driven by a pullback in securities-driven market-making trades rather than by counterparty credit concerns. J. Finance 2025, U.S. Government work / public domain. Six core results with source locators, datasets used, and the empirical specifications.
Republican Support and Economic Hardship: Arteaga & Barone (2026) : Distilled: Using quasi-exogenous variation in Purdue Pharma's OxyContin cancer-market targeting, this paper establishes a causal link between opioid epidemic exposure and a 4.5 percentage-point increase in Republican House vote share by 2022, operating through economic hardship and conservative media framing. QJE 2026, paywalled. Ten core results with source locators, datasets used, the empirical specification with equations, and identification strategy.
Repurchasing Overpriced Shares: Oded (2026) : Distilled: Jacob Oded proposes an agency model in which firms repurchase shares even when overpriced because insiders' benefit from preventing free cash waste can outweigh the cost of overpaying. Journal of Banking and Finance vol. 182 (2026), paywalled. Five core results covering three equilibrium types and their governance determinants, with model equations and derivations.
Revolutionary Transition: Gay, Gobbi & Goñi (2026) : Distilled: The 1793 French inheritance reforms, which abolished impartible inheritance and imposed equal asset partition among all children, reduced completed fertility by 0.60-0.70 children per woman in affected areas, providing the first empirical support for Le Play's (1875) hypothesis that inheritance law drove France's early demographic transition. Journal of Political Economy 2026, paywalled. Eight core results with source locators, datasets used, the theoretical model with equations, and the estimating specifications.
Road to Efficiency: Avoyan & Ramos (2023) : Distilled: A laboratory experiment shows that a commitment-enhanced pre-play communication institution (asynchronous revision mechanism) achieves 82 percent efficiency in the minimum-effort coordination game, significantly outperforming cheap-talk communication (64 percent) and the no-communication baseline (48 percent); commitment, asynchronicity, and revision frequency are all necessary ingredients. American Economic Review 2023, paywalled. Nine core results with source locators, the game-theoretic model, and the experimental design.
Rookie Directors and Board Efficacy: Al Dah, Dah & Stathopoulos (2026) : Distilled: Rookie board refreshment (not merely rookie presence) enhances CEO turnover-performance sensitivity, improves managerial incentives, and reduces discretionary accruals; seasoned refreshment improves investment efficiency and acquisition outcomes without hindering monitoring. Journal of Corporate Finance 96 (2026), CC BY 4.0. Eight core results with source locators, datasets used, the tested hypotheses, and estimating equations.
Salience Theory and Corporate Bond Returns: Chen, Wang, Wei, Wu & Zhang (2026) : Distilled: U.S. corporate bonds with high salience theory (ST) values underperform those with low ST values by 0.61% per month in decile sorts (annualized Sharpe ratio 2.52, more than double the comparable equity figure). The premium is primarily driven by the outperformance of bonds with salient downside rather than the underperformance of those with salient upside, reflecting the asymmetric payoff structure of corporate bonds. Journal of Empirical Finance 2026, paywalled. Seven core results with source locators, datasets used, the BGS salience model, and the estimation and testing methods.
Scope, Scale, and Concentration: Hoberg & Phillips (2025) : Distilled: Using doc2vec text analysis of firm 10-Ks, Hoberg and Phillips document that U.S. firms expanded their product market scope by 50-70% from 1989 to 2017, primarily through acquisitions and R&D rather than capital expenditures, with scope expansion raising firm valuations by 29.5% of the interquartile range while leaving traditional Herfindahl-Hirschman Index concentration measures flat once scope is accounted for. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the method (D2V-Scope), and the empirical specifications with equations.
Second Chance: Di Maggio, Kalda & Yao (2026) : Distilled: exploiting plausibly random private student debt discharge (National Collegiate paperwork loss), the paper finds debt relief reduces other debt balances and delinquency rates, and raises geographic and job mobility and income for defaulted borrowers. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specifications with equations.
Second-Best Fairness: Cappelen, Cappelen & Tungodden (2023) : Distilled: Large-scale experimental evidence from 26,500 spectators in the US and Norway on how people trade off false positives against false negatives in second-best fairness decisions. A majority are false negative averse across three economic environments, with substantial heterogeneity by country and political affiliation. American Economic Review 2023, AEA copyright. Six core results with source locators, datasets used, the theoretical model, and the estimation strategy.
Securing Technological Leadership? The Cost of Export Controls: Crosignani et al. (2026) : Distilled: Crosignani, Han, Macchiavelli, and Silva (2026) document using hand-collected BIS Entity List data matched to FactSet Revere supply-chain linkages that U.S. export controls on Chinese firms cause broad-based decoupling from Chinese customers; affected U.S. suppliers suffer large stock market losses, declining revenues and employment, and tighter bank credit, while failing to form new customer relations domestically or in politically aligned countries. Journal of Financial Economics 2026, paywalled. Nine core results with source locators, datasets used, and the empirical design (stacked DiD and event study). LLM-distilled.
Segmented Arbitrage: Siriwardane, Sunderam & Wallen (2025) : Distilled: across 32 arbitrage spreads in equity, fixed income, and foreign exchange markets (2010-2020), the average pairwise correlation is only 22%, far below what canonical intermediary asset pricing models predict. The paper attributes this to two distinct forms of segmentation: funding segmentation (certain trades rely on specific unsecured vs. secured funding sources) and balance-sheet segmentation (intermediaries specialize in certain trades, so idiosyncratic balance-sheet shocks move specific spreads). J. Finance 2025, paywalled. Nine core results with source locators, datasets used, and the theory tested.
Selecting Penalty Parameters: Chetverikov & Sørensen (2025) : Distilled: Chetverikov and Sørensen (2025) propose bootstrapping after cross-validation (BCV), a method for selecting the penalty parameter of l1-penalized M-estimators in high dimensions that yields valid l1 and l2 error bounds; post-BCV is the only method in simulations whose studentized estimates converge to N(0,1), and an empirical illustration confirms Fryer Jr (2019) findings on racial differences in police use of force are robust to model choice and expanded controls. J. Polit. Econ. 2025, paywalled. Seven core results with source locators, the M-estimation framework, and the BCV algorithm with its defining equations.
Sending Out an SMS: Grubb, Kelly, Nieboer, Osborne & Shaw (2025) : Distilled: At-scale field experiments at major U.K. banks show that automatic enrollment into just-in-time overdraft text alerts reduces unarranged overdraft and unpaid item charges 17% to 19% and arranged overdraft charges 4% to 8%, implying potential annual market-wide savings of GBP 170 million to GBP 240 million. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating specification.
Simplicity and Risk: Puri (2025) : Distilled: This paper introduces and axiomatizes a preference for simplicity in choice under risk, showing that participants' measured risk aversion and dominance violations increase with lottery complexity (number of outcomes), holding moments fixed, and that no canonical behavioral theory fully captures this. J. Finance 2025, paywalled. Six core results with source locators, the simplicity representation model with axioms, and the experimental design.
Smart Contracts and the Coase Conjecture: Brzustowski, Georgiadis-Harris & Szentes (2023) : Distilled: A durable-good monopolist with access to general dynamic contracts (smart contracts) earns an equilibrium payoff strictly above the low buyer valuation for any discount factor, refuting the Coase conjecture. American Economic Review 2023, paywalled. Four core theoretical results with source locators, the formal model (incentive-compatible abiding contracts), and the two-lemma proof strategy.
Social Connectedness in Bank Lending: Rehbein & Rother (2025) : Distilled: Using Facebook's Social Connectedness Index, Rehbein and Rother show that bank lending volumes, borrower-friendly loan terms, and bank profitability all increase with social connectedness between bank and borrower counties, while fintech lending is unaffected. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the empirical model, and three formal specifications.
Social Media as a Bank Run Catalyst: Cookson et al. (2026) : Distilled: Banks with greater pre-run Twitter exposure lost 4.3 percentage points more stock value during the March 2023 Silicon Valley Bank run; Twitter attention at the hourly frequency predicted lower returns for high-risk banks, while Twitter sentiment did not amplify run risks. Journal of Financial Economics 176 (2026), paywalled. Eight core results with source locators, datasets used, and the estimating equations.
Social Security and Trends in Wealth Inequality: Catherine, Miller & Sarin (2025) : Distilled: When Social Security wealth is properly included, top wealth shares in the United States have not meaningfully increased since 1989, overturning the finding of large inequality growth based on marketable-wealth-only measures. Social Security grew from $7.2 trillion in 1989 to $40.6 trillion in 2019 and now represents nearly 50% of the wealth of the bottom 90%. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the empirical method.
Stock Market Indexing and Option Market Conditions: Chang, Ge, Lin & Ma (2026) : Distilled: Stocks at the top of the Russell 2000 Index have smaller put-call parity deviations, higher options trading volume, and narrower bid-ask spreads than similar-sized stocks at the bottom of the Russell 1000 Index, documented via the annual Russell 1000/2000 reconstitution as a regression discontinuity design (local linear regressions, 1998-2006). Journal of Financial Markets 2026, CC BY-NC-ND 4.0. Six core results with source locators, datasets used, the measure construction, and the identification approach.
Subjective Performance Evaluation and Influence Activities: de Janvry et al. (2023) : A randomized field experiment among 3,785 Chinese civil servants shows that revealing the evaluator's identity induces evaluator-specific influence activities, creating a 0.311-point asymmetry in supervisor assessments (0.24 SD) that disappears under a masked scheme. Masking the evaluator's identity improves colleague assessments, supervisor assessments, and objective performance pay. American Economic Review vol. 113(3), 2023, paywalled. 8 core results with source locators, datasets used, the model, and the method. LLM-distilled.
Subtle Discrimination: Pikulina & Ferreira (2026) : Distilled: a theoretical model of "subtle discrimination" (biased promotion decisions with plausible deniability) showing that small biases generate large gaps in skills and promotions; the direction of the skill gap reverses with career stakes. J. Finance 2026, CC BY 4.0. Eight core results with source locators, theory tested, and further applications.
Superstar Returns: Amaral, Dohmen, Kohl & Schularick (2025) : Distilled: Large metropolitan areas earn about 95 to 100 basis points less per year in total housing returns than the rest of the same country, driven by persistently lower rental yields that more than offset their well-known capital gain advantage. The return gap is rationalized as compensation for higher idiosyncratic and covariance risk in smaller, less liquid housing markets. J. Finance 2025, CC BY 4.0. Seven core results with source locators, datasets used, the theoretical framework (CAPM-style covariance pricing plus idiosyncratic risk), and the empirical specifications.
Sustainability or Greenwashing: Duchin, Gao & Xu (2025) : Distilled: Firms divest pollutive plants in response to environmental pressures without any reduction in pollution levels, consistent with a greenwashing divestiture strategy. Sellers gain higher ESG ratings and lower EPA enforcement costs while buyers are firms with weaker environmental pressures and pre-existing business ties to the sellers. J. Finance 2025, CC BY 4.0. Nine core results with source locators, datasets used, the conceptual framework, and the empirical specifications.
Teams and Belief Overreaction: Barahona, Cassella, Jansen & Pezone (2026) : Distilled: Preregistered lab experiments and US mutual fund data show that two-person teams reduce individual belief overreaction to past returns by 30 to 55 percent, with self-selection into team leadership accounting for roughly 70 percent of the lab effect. Journal of Financial Economics 176 (2026), paywalled. Six core results with source locators, datasets used, the measurement framework, and the estimating equations.
Technological Change and Job-Loss Consequences: Braxton & Taska (2023) : Distilled: Using Burning Glass Technologies online vacancy data to measure within-occupation technological change, Braxton and Taska show that workers displaced from more tech-exposed occupations suffer earnings declines over 7 percentage points larger per standard deviation of exposure, are 17 pp more likely to switch occupations, and that a calibrated structural search-and-matching model attributes 45 percent of post-displacement earnings losses to technological change. American Economic Review 2023, paywalled. Six core results with source locators, datasets used, the simple two-period model and the quantitative model with Bellman equations, and the empirical specifications.
Term Structure in a Heterogeneous Monetary Union: Costain, Nuno & Thomas (2025) : Distilled: Costain, Nuno, and Thomas build an arbitrage-based affine term structure model for a two-country monetary union with sovereign default risk, showing that the credit risk premium accounts for roughly three-quarters of the Italy-Germany sovereign spread, and that ECB PEPP asset purchases compressed Italian yields primarily through a default risk extraction channel rather than the standard duration risk channel. J. Finance 2025, paywalled. Six core results with source locators, datasets used, the model, and the method.
Test Assets and Weak Factors: Giglio, Xiu & Zhang (2025) : Distilled: Giglio, Xiu, and Zhang show that weak factors and test asset selection are deeply connected, and introduce Supervised Principal Component Analysis (SPCA), an iterative procedure that screens test assets by correlation with the target factor before applying PCA, enabling consistent risk premium estimation even when some latent factors are weak. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model (linear factor model with weak factors), and the method (SPCA algorithm) with its defining equations.
The Actual Retail Price of Equity Trades: Schwarz, Barber, Huang, Jorion & Odean (2025) : Distilled: A controlled trading experiment across six brokerage accounts at five brokers finds that mean account-level round-trip costs range from 7 to 46 basis points for identical simultaneous market orders, and that the entire cross-broker execution difference is attributable to market centers giving systematically different execution to different brokers for the same trades, not to broker venue-routing choices or payment for order flow. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, datasets used, the empirical design, and the regression specifications.
The Benefits of Access: Becht, Franks & Wagner (2026) : Distilled: Using GPT-4 to parse 4,700 private meeting notes from a large active asset manager and its UK portfolio firms (2007-2015), the paper shows that meetings convey predominantly soft information that is associated with fund-manager trading, generates risk-adjusted outperformance of 180 bps/month for a combined FM+GS meeting portfolio, and in only 0.4% of cases involves material nonpublic information. J. Finance 2026, CC BY 4.0. Ten core results with source locators, datasets used, the identification strategy, and the estimating specifications.
The Credit Line Channel: Greenwald, Krainer & Paul (2025) : Distilled: Using confidential U.S. loan-level supervisory data (FR Y-14Q), Greenwald, Krainer, and Paul document that the COVID-19 surge in bank credit was driven by large firms drawing existing credit lines, which crowded out term lending to smaller firms and amplified the decline in aggregate investment. A calibrated structural model quantifies the credit line channel as the transmission mechanism. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method.
The Decay of cay: Dauber & Lawrenz (2026) : Distilled: Documents a substantial decline over the last two decades in the predictive power of the consumption-wealth ratio (cay) for US stock market excess returns, attributing it to a structural shift in the cointegration relationship as asset wealth decouples from aggregate consumption and labor income. Proposes a top-10% household version of cay as the most stable remaining predictor. Journal of Empirical Finance 2026, CC BY 4.0. Six core results with source locators, datasets used, the model, and the method.
The Disappearing Index Effect: Greenwood & Sammon (2025) : Distilled: The abnormal return from being added to or removed from the S&P 500 fell from an average of 7.4% in the 1990s to statistically indistinguishable from zero in the 2010s, driven by index migrations from the S&P MidCap and an overall rise in market liquidity around index events. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the model (demand-curve price impact), and the empirical decomposition.
The Dollar during the Great Recession: Stavrakeva & Tang (2026) : Distilled: U.S. forward guidance easings during the Great Recession (Dec 2008 to Sep 2012) caused the dollar to appreciate, not depreciate, against both advanced-economy and emerging-market currencies, reversing the conventional wisdom. The paper attributes this to an information channel: forward guidance signaled economic weakness, triggering a flight-to-safety effect and lower expected U.S. inflation. J. Finance 2026, paywalled. Eight core results with source locators, datasets used, the partial-equilibrium model, and the high-frequency local projection method.
The Economic Origins of Government: Allen, Bertazzini & Heldring (2023) : River shifts in ancient southern Iraq (~2850BCE) caused new state formation, canal construction, tribute payment, and growth of administrative buildings, supporting cooperative over extractive theories of government origins, in a new archeological panel dataset spanning 3900BCE-2700BCE. American Economic Review 2023, open access. Eight core results with source locators, the identification strategy, and regression specifications; LLM-distilled, not human-verified.
The Global Credit Spread Puzzle: Huang, Nozawa & Shi (2025) : Distilled: Structural credit risk models systematically underpredict investment-grade corporate bond spreads over government bonds and swap rates across eight developed economies, constituting a global credit spread puzzle. Incorporating endogenous bond market illiquidity via a He-Milbradt search model substantially mitigates the puzzle and raises individual-bond cross-sectional fit in every country. J. Finance 2025, CC BY-NC-ND 4.0. Eight core results with source locators, datasets used, the models (BC, CDG, HM), and the estimating specifications.
The Price of Housing in the United States: Lyons, Shertzer, Gray & Agorastos (2026) : Distilled: Lyons, Shertzer, Gray, and Agorastos construct the first annual market rent and home sales price series for 30 U.S. cities over 1890-2006 from 2.7 million newspaper real estate listings. Real rents rose 60% rather than fell over the postwar period; real sales prices reached four times their 1890 level by 2006; and the average annual real return to housing was 9% (rental 7.7%, capital gain 1.3%). Q.J. Econ. 2026, paywalled. Seven core results with source locators, datasets used, the rolling-window hedonic method with its equations, and the user cost framework.
The Reversal Interest Rate: Abadi, Brunnermeier & Koby (2023) : Distilled: This paper theoretically characterizes the reversal interest rate, the policy rate below which further monetary easing becomes contractionary for bank lending. In a calibrated New Keynesian model with imperfectly competitive banks and net-worth constraints, the reversal rate is approximately -0.9 percent for aggregate investment and -1.4 percent for bank lending, calibrated to the euro area. American Economic Review 2023, paywalled. Six core results with source locators, the model equations, and the calibration method.
The Stock Market and Bank Risk-Taking: Falato & Scharfstein (2025) : Distilled: Banks that go public (IPO) increase risk as measured by confidential CAMELS supervisory ratings, relative to a matched control group of banks that filed but withdrew their IPOs. The increase in risk boosts short-term ROE but reduces it four years out, consistent with stock-market short-termism driving bank risk. J. Finance 2025, paywalled. Eight core results with source locators, datasets, the theoretical mechanism (Stein 1989 short-termism), and the difference-in-differences estimating equations.
The Value of Bank Lending: Flanagan (2025) : Distilled: Using novel realized cash flows for 8,100 syndicated term loans (1992-2014) and a private-equity-style risk-adjustment methodology, Flanagan (2025) finds that banks earn 177 bps annualized gross risk-adjusted returns on loan cash flows, add roughly $75 million of value annually per loan portfolio, and that shareholders receive near-zero net risk-adjusted returns once lending expenses are deducted. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the economic framework, the method (risk-adjusted profit adapted from Gupta and Van Nieuwerburgh (2021)), and empirical specifications.
Theory of Fiscal Responsibility and Irresponsibility: Halac & Yared (2024) : Distilled: A political economy model in which successive deficit-biased governments facing private i.i.d. fiscal shocks endogenously cycle between a fiscally responsible regime (maximally enforced deficit limit) and a fiscally irresponsible regime (maximally enforced surplus limit), with transitions triggered by extreme shocks and only when governments' bias is large enough. Journal of Political Economy 133(5), May 2025, paywalled. Six core results with source locators, the full model, equilibrium programs, and the factorization algorithm.
Thirty Years of Change: Guernsey, Guo, Liu & Serfling (2025) : Distilled: Using a new machine-learning-constructed dataset covering nearly all U.S. public firms from 1991 to 2020, this paper documents that classified (staggered) board usage has not declined overall; rather, its life-cycle dynamics have changed substantially by decade and IPO cohort, driven by falling collective-action costs and rising innovation-related investment. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the empirical design, and the ML data-construction method.
Tick Size and Market Quality: Barardehi, Dixon, Liu & Lohr (2026) : Distilled: The U.S. Tick Size Pilot (TSP) harmed liquidity for stocks with quoted spreads below 10 cents but improved it for stocks with spreads above 15 cents, explaining mixed results across prior studies that pool stocks with very different prevailing spreads. Journal of Financial Markets 2026, CC BY 4.0. Seven core results with source locators, datasets used, the DiD specification, and empirical specifications.
Time-Varying Pollution Premium: Yin, Yu & Chen (2026) : Distilled: A long-short portfolio of high- versus low-emission US firms earns significant abnormal returns in constant factor models, but a semiparametric time-varying estimate shows the premium is significant only before 2005 and statistically indistinguishable from zero thereafter; risk aversion, macroeconomic uncertainty, natural disasters, and consumer sentiment are the most robust determinants of the time-varying pattern. Journal of Banking and Finance 187 (2026), paywalled. Seven core results with source locators, datasets used, the model, and the estimation equations.
Too Much Benchmarking in Asset Management: Kashyap, Kovrijnykh, Li & Pavlova (2023) : Distilled: A tractable general equilibrium model shows that incentive contracts for fund managers create a pecuniary externality through equilibrium asset prices: benchmarking inflates the risky asset price, crowds trades, and reduces contract effectiveness for other investors, so the socially optimal contract has less skin in the game and less benchmarking than the privately optimal one. American Economic Review 2023, AEA copyright. Six core results with source locators, the model equations, and the method.
Too Much, Too Soon, for Too Long: Chemla, Rivera & Shi (2025) : Distilled: In a general equilibrium model with dynamic moral hazard and endogenous outside options, competitive executive compensation is inefficiently high, front-loaded, and associated with excessive managerial tenure. J. Finance 2025, CC BY 4.0. Six core results with source locators, the model, and the method.
Trade with Correlation: Lind & Ramondo (2023) : Distilled: A Ricardian trade model where productivity across countries follows a max-stable multivariate Frechet distribution with a general correlation function, spanning the full class of GEV import demand systems. A latent factor model (LFM) estimated on four-digit SITC trade and tariff data finds 7 technology factors and wide heterogeneity in correlation: countries with more dissimilar technology gain up to 90% more from trade; LFM gains dispersion is an order of magnitude larger than sectoral gravity (SD 2.6 vs 0.07). American Economic Review 2023, paywalled. Seven core results with source locators, the CNCES/GEV model equations, the LFM estimator, and datasets used.
Trade with Nominal Rigidities: Rodriguez-Clare, Ulate & Vasquez (2025) : Distilled: A dynamic quantitative trade and migration model with downward nominal wage rigidity shows that the China shock generates temporary unemployment reducing U.S. aggregate welfare gains by roughly two-thirds (from 31 to 12 basis points) and turning 18 additional states from net gainers into net losers. Journal of Political Economy 2025, CC BY 4.0 (accepted version). Eight core results with source locators, model equations, and calibration method.
Traditional Institutions in Modern Times: Bau, Khanna, Low & Voena (2026) : Distilled: Using two new surveys on dowry property rights and a natural experiment from India's highway expansion, this paper shows that grooms' parents commonly retain dowry from migrant sons and that stronger historical dowry traditions predict higher male out-migration rates and larger migration responses to falling migration costs. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets, the theoretical model, and empirical specifications.
Uncertainty, Contracting, and Beliefs in Organizations: Dicks & Fulghieri (2025) : Distilled: In a multidivisional firm, uncertainty aversion by managers creates endogenous disagreement that raises incentive costs; HQ can hedge this by designing contracts with cross-divisional exposure (equity or relative-performance pay), improving effort and aligning beliefs. Review of Financial Studies 2025, paywalled. Five core results with source locators, the model with its key equations, and the method.
Uncovering the Hidden Effort Problem: Ben-Rephael, Carlin, Da & Israelsen (2025) : Distilled: Uses minute-by-minute Bloomberg platform activity to construct a new measure of executive workday length (AWL) and shows that greater effort by CEOs and CFOs predicts positive earnings surprises, higher cumulative abnormal returns of 25-50 bps per one-hour AWL increase (persisting 4-10 weeks), and lower CDS spreads. Weather-based IV confirms causality. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
Unmasking Mutual Fund Derivative Use: Kaniel & Wang (2025) : Distilled: Using SEC Form N-PORT data, this paper shows that most mutual funds (59%) use derivatives to amplify, not hedge, equity returns, contrary to prior belief. Five derivative strategy clusters are identified via K-Means Clustering; long index users dominate and underperform nonusers despite attracting abnormally high institutional flows. Review of Financial Studies 2025, paywalled. Eight core results with source locators, datasets used, the method, and empirical specifications.
Value of Working Conditions: Maestas et al. (2023) : Distilled: Using a new nationally representative stated-preference survey (AWCS, 2015-16, N = 1,738 US workers), this paper estimates willingness to pay for nine nonwage job amenities; a switch from the worst to the best amenity bundle equals 55 percent of the wage. Accounting for amenity incidence and preference heterogeneity attenuates the gender wage gap by 24 percent, widens the race compensation gap by 27 percent, and increases the 90-10 wage inequality measure. American Economic Review 2023, AEA copyright. Ten core results with source locators, datasets used, the indirect utility model, and the stated-preference logit estimation method with equations.
Value without Employment: Barkai & Panageas (2025) : Distilled: Young firms have sharply reduced their contribution to aggregate employment since the early 1980s, yet their contribution to aggregate sales and market capitalization has remained stable, implying a rising average-to-marginal revenue product of labor (ARPL-to-MRPL ratio). A calibrated model of dynamic firm heterogeneity shows this single shift jointly explains the labor share decline, muted investment-share response, and declining job flows, while predicting only a modest (~8%) long-run drop in aggregate consumption. J. Finance 2025, CC BY 4.0. Eight core results with source locators, datasets used, the model (dynamic firm heterogeneity with monopolistic competition), and the method with equations.
Vanguard: Ang & Chinoy (2026) : Distilled: using random variation from the WWI draft lottery and millions of digitized military and NAACP records, Ang and Chinoy provide the first causal evidence that military service nearly tripled Black veterans' likelihood of joining the NAACP, driven by institutional discrimination rather than socioeconomic gains. The Quarterly Journal of Economics 141(1), 2026, paywalled. Seven core results with source locators, datasets used, the IV design, and the estimating equations.
Venture Capital and Startup Agglomeration: Chen & Ewens (2025) : Distilled: Using the Volcker Rule as a natural experiment, Chen and Ewens show that bank withdrawal from VC limited partnerships caused fewer and smaller VC funds in high-bank-exposure states, reduced startup financing and valuations, and induced startups to migrate to VC hubs (CA, MA, NY), directly implicating the local supply of venture capital in startup geographic concentration. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the identification strategy (DiD on Volcker Rule exposure), and the estimating specifications.
Voice of Monetary Policy: Gorodnichenko, Pham & Talavera (2023) : Distilled: A deep learning model detects emotions in Fed chair voices during FOMC press conference Q&A sessions; a more positive voice tone raises S&P 500 returns by roughly 100 basis points over five days, reduces VIX, lowers inflation expectations, and appreciates the dollar against the euro, after controlling for policy actions and text sentiment. American Economic Review 113(2) 2023, paywalled. Seven core results with source locators, the emotion-detection model, VoiceTone construction, and the local-projections specification. LLM-distilled, not human-verified, not reproduced.
War Discourse and the Cross Section: Hirshleifer, Mai & Pukthuanthong (2025) : Distilled: a war-discourse factor (WarFac) derived from 7 million New York Times articles via semisupervised topic modelling predicts the cross section of stock returns with a significant, negative return premium across six broad sets of test assets. J. Finance 2025, paywalled. Eight core results with source locators, datasets used, the model, and the method with defining equations.
Wealth and Insurance Choices: Gropper & Kuhnen (2025) : Distilled: Using administrative data on 63,000 U.S. households, Gropper and Kuhnen find that wealthier individuals hold more life insurance coverage, contradicting canonical theory that predicts a negative wealth-insurance relationship. The positive correlation persists after controlling for risk preferences, pricing, bequest motives, background risk, financial literacy, employer benefits, and liquidity constraints. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the theoretical framework, and the empirical specifications.
What Drives Investors' Portfolio Choices: Choukhmane & de Silva (2026) : Distilled: using 401(k) default-fund quasi-experiments, Choukhmane and de Silva show that 94% of retirement investors prefer stock market participation absent frictions and estimate relative risk aversion of 2.54, EIS of 0.25, and a $156 portfolio adjustment cost. J. Finance 2026, CC BY 4.0. Eight core results with source locators, datasets used, the model, and the method.
What Is the Cost of Privatization for Workers?: Olsson & Tag (2025) : Distilled: Using Swedish administrative data covering two decades, this paper shows that privatization of state-owned enterprises imposes wage losses of 5-9% and raises unemployment by 12%, while firm-level productivity rises 35.7%; government transfers offset roughly half the worker income losses. J. Finance 2025, CC BY-NC 4.0. Eight core results with source locators, datasets used, the identification strategy, and the estimating equations.
When Losses Turn into Loans: Blattner, Farinha & Rebelo (2023) : Distilled: Distressed banks respond to ratio-based capital shortfalls by reallocating credit toward borrowers whose loan losses they underreport, using the 2011 EBA capital exercise in Portugal as a natural experiment. The credit misallocation accounts for about 22 percent of Portugal's allocative-efficiency decline in 2012. American Economic Review 2023, paywalled. Seven core results with source locators, datasets used, the identification design, and the defining equations.
Who's Afraid of the Minimum Wage?: Rao & Risch (2026) : Distilled: Using matched IRS administrative tax records for roughly 271,000 independent U.S. businesses over 2010-2019 and a stacked difference-in-differences design on 19 state minimum wage changes, Rao and Risch find that firms in highly exposed industries do not lay off workers but modestly reduce part-time hiring, fully finance higher wage costs through revenue growth, and leave owner profits unchanged; firm entry falls roughly 2% and individual low earners gain earnings with stable employment rates. QJE 2026, CC BY 4.0. Eight core results with source locators, datasets, and the estimating equations.
Women in Charge: Lewellen (2025) : Distilled: Female hospital CEOs make similar financial and investment decisions as male peers, respond identically to the 2008 financial crisis, but earn 32% lower pay (shrinking to 7.8% within-hospital) and face significantly higher turnover after poor performance. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, and the empirical specifications.
Worker Runs: Hoffmann & Vladimirov (2025) : Distilled: Hoffmann and Vladimirov model how firms design compensation contracts to prevent contagious collective worker departures ("worker runs"), showing that dilutable output-dependent pay and asymmetric compensation structures resolve the coordination problem at no extra cost. J. Finance 2025, CC BY-NC 4.0. Six core results with source locators, the model equations, and the key propositions.
Working More to Pay the Mortgage: Zator (2025) : Distilled: Using Polish administrative tax records linked to floating-rate mortgage payments (2005-2015), Zator shows households increase labor income by roughly PLN 0.35 for each PLN 1 rise in mortgage interest, with an asymmetric response that is two to three times stronger following payment increases than decreases. J. Finance 2025, paywalled. Seven core results with source locators, datasets used, the identification strategy, and the estimating equations.
Worth Your Weight: Macchi (2023) : Distilled: Two field experiments in Kampala, Uganda show that obesity functions as a wealth signal in low-income countries, raising credit access by an amount equivalent to a 60 percent increase in self-reported income, driven by statistical discrimination that weakens when financial information is provided. AER 2023, paywalled. Seven core results with source locators, the experimental designs, and the regression specifications.
Would Order-By-Order Auctions Be Competitive: Ernst, Spatt & Sun (2025) : Distilled: A theoretical model comparing brokers' routing (current U.S. equity market structure) to SEC-proposed order-by-order auctions for retail trades shows that auctions improve allocative efficiency but worsen retail investor welfare in illiquid stocks due to the winner's curse. J. Finance 2025, CC BY-NC-ND 4.0. Six core results with source locators, the model (inventory-cost common-value auction), and the method (linear symmetric equilibrium).

Found an error or want a topic covered? Open an issue, use the Edit page link above, or email contact@instituteforautomatedresearch.org. Edits are reviewed before publishing; provenance and accuracy are the point.