University of Chicago GSB

IGM Working Papers

The Initiative on Global Markets (IGM) working paper series is intended to show the research on financial markets, international business, and public policy that is produced by Chicago Booth faculty. These papers are outputs of faculty research that has been funded by the IGM.

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#TitleAuthor(s)
101 Market Tantrums and Monetary Policy Anil Kashyap
100 The High-frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response Eric Budish
99 Preventing Economists' Capture Luigi Zingales
98 The Value of Corporate Culture Luigi Zingales
97 Do Fixed Patent Terms Distort Innovation? Eric Budish
96 Time Varying Risk Aversion Luigi Zingales
95 The Twilight Zone: OTC Regulatory Regimes and Market Quality Christian Leuz
94 Sticky Covenants Regina Wittenberg-Moerman
93 Duration Dependence and Labor Market Conditions: Evidence from a Field Experiment Matthew Notowidigdo

92

Manufacturing Decline, Housing Booms, and Non-Employment Erik Hurst and Matthew Notowidigdo

91

No News is News: Do Markets Underreact to Nothing? Stefano Giglio and Kelly Shue

90

Why Should Pay for Credit Ratings and How? Anil K Kashyap

89

Advertising and Competition in Privatized Social Security: The Case of Mexico

Chad Syverson

88

Economic Experts vs. Average Americans

Luigi Zingales

87

Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?

Hans Christensen and Valeri Nikolaev

86

Wireless Carriers' Exclusive Handset Arrangements: An Empirical Look at the iPhone

Pradeep Chintagunta and Ting Zhu

85

Swinging for the Fences: Executive Reactions to Quasi-Random Options Grants

Kelly Shue

84

Gender Identity and Relative Income within Households

Marianne Bertrand and Emir Kamenica

83

Measuring Economic Policy Uncertainty

Steven J. Davis

82

Competition and Ideological Diversity: Historical Evidence from US Newspapers

Matthew Gentzkow and Jesse Shapiro

81

The Joint Identification of Utility and Discount Functions From Stated Choice Data: An Application to Durable Goods Adoption

Jean-Pierre Dubé and Günter Hitsch

80

Value and Momentum Everywhere 

Tobias Moskowitz

79 

Time Series Momentum 

Tobias Moskowitz

78

The Role of Shorting, Firm Size, and Time on Market Anomalies 

Tobias Moskowitz

77 

How Tax Efficient are Equity Styles? 

Tobias Moskowitz

76

Do Newspapers Serve the State? Incumbent Party Influence on the US Press, 1869-1928

Matthew Gentzkow and Jesse Shapiro

75

Declining Labor Shares and the Global Rise of Corporate Savings

Loukas Karabarbounis and Brent Neiman

74

Housing, Monetary Policy, and the Recovery

Amir Sufi

73 

Mandatory IFRS Reporting and Changes in Enforcement

Hans B. Christensen and Christian Leuz

72

Financial Regulation in General Equilibrium 

Anil K Kashyap

71

Stressed Out: Macroprudential Principles for Stress Testing

Anil K Kashyap

70 

Has Economic Policy Uncertainty Hampered the Recovery?

Steven J. Davis

69

The Corporation in Finance Raghuram Rajan

68

The Life Cycle of Plants in India and Mexico Chang-Tai Hsieh

67

Private Equity and Employment Steven J. Davis

66

Inefficient Provision of Liquidity Luigi Zingales

65

Fund Managers, Career Concerns, and Asset Price Volatility Veronica Guerrieri

64 

Constituencies and Legislation: The Fight over the McFadden Act of 1927 Raghuram Rajan

63

The Optimal Conduct of Monetary Policy with Interest on Reserves Anil Kashyap

62

Trade Adjustment and Productivity in Large Cities Brent Neiman

61

Sovereign Wealth Fund Portfolios Adair Morse

60

The Macroprudential Toolkit  Anil Kashyap

59

Best Prices Anil Kashyap

58

A Macroprudential Approach to Financial Regulation Anil Kashyap

57

The Political Economy of the Subprime Mortgage Credit Expansion Amir Sufi and Francesco Trebbi
56 City Structure and Congestion Costs Francesco Trebbi
55 Ideological Segregation Online and Offline Matthew Gentzkow and Jesse Shapiro
54 Voters, Dictators, and Peons: Expressive Voting and Pivotality Emir Kamenica
53

Different Approaches to Corporate Reporting Regulation: How Jurisdictions Differ and Why

Christian Leuz
52 Civic Capital as the Missing Link Luigi Zingales
51 Debt Analysts' Views of Debt-Equity Conflicts of Interest Regina Wittenberg-Moerman
50 Audit Quality and Auditor Reputation: Evidence from Japan Douglas Skinner
49 Can We Infer Social Preferences from the Lab? Evidence from the Trust Game Luigi Zingales
48 Information Disclosure, Cognitive Biases and Payday Borrowing Marianne Bertrand and Adair Morse
47 The Effect of Newspaper Entry and Exit on Electoral Politics Matthew Gentzkow and Jesse Shapiro
46 Determinants of Hedge Fund Internal Controls and Fees Joseph Gerakos
45 Hedge Funds: Pricing Controls and the Smoothing of Self-Reported Returns Joseph Gerakos
44 Paulson's Gift Pietro Veronesi and Luigi Zingales
43 Stickiness, Synchronization, and Exchange Rate Passthrough in Intrafirm Trade Prices Brent Neiman
42 The Effects of Stock Lending on Security Prices: An Experiment Steven Kaplan and Tobias Moskowitz
41 Did Fair-Value Accounting Contribute to the Financial Crisis? Christian Leuz
40 The Household Leverage-Driven Recession of 2007 to 2009 Atif Mian and Amir Sufi
39 Measuring Central Bank Communication: An Automated Approach with Application to FOMC Statements Francesco Trebbi
38 Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan Anil Kashyap
37 House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis Atif Mian and Amir Sufi
36 Mishmash on Mismatch?
Balance-Sheet Effects and Emerging-Markets Crises
Hoyt Bleakley
35 Maturity Mismatch and Financial Crises: Evidence from Emerging Market Corporations Hoyt Bleakley
34 Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors Christian Leuz
33 The Crisis of Fair Value Accounting: Making Sense of the Recent Debate Christian Leuz
32 The Housing Crisis and Bankruptcy Reform: The Prepackaged Chapter 13 Approach Luigi Zingales
31 Competition and Political Organization: Together or Alone in Lobbying for Trade Policy? Francesco Trebbi
30 Innovation and Institutional Ownership Luigi Zingales
29 What Do High-Interest Borrowers Do With Their Tax Rebate? Marianne Bertrand and Adair Morse
28 Disclosure and the Cost of Capital: Evidence from Firms' Response to the Enron Shock Christian Leuz
27 The Future of Securities Regulation Luigi Zingales
26 The Failure of Models That Predict Failure: Distance, Incentives and Defaults Amit Seru
25 The Political Economy of the U.S. Mortgage Default Crisis Atif Mian, Amir Sufi, and Francesco Trebbi
24 Media versus Special Interests Luigi Zingales 
23 The Price of Political Opposition: Evidence from Venezuela's Maisanta Chang-Tai Hsieh
22 The Intergenerational Transfer of Public Pension Promises Robert Novy-Marx and Joshua D. Rauh
21 Landed Interests and Financial Underdevelopment in the United States Raghuram Rajan
20 Long Term Persistence Luigi Zingales
19 Votes or Money? Theory and Evidence from the U.S. Congress Francesco Trebbi
18 Measuring and Modeling Execution Cost and Risk Jeffrey Russell
17 Tipping and Concentration in Markets with Indirect Network Jean-Pierre Dubé, Günter Hitsch, and Pradeep Chintagunta
16 Competition and Truth in the Market for News Matthew Gentzkow and Jesse Shapiro
15 The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis Atif Mian and Amir Sufi
14 Procrastination and Impatience Luigi Zingales
13 Social Capital as Good Culture Luigi Zingales
12 Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences

Christian Leuz

11 Understanding Trust Luigi Zingales
10 What Drives Media Slant? Evidence from U.S. Daily Newspapers Matthew Gentzkow and Jesse Shapiro
9 Measuring the Dynamics of Young and Small Businesses: Integrating the Employer and Nonemployer Universes Steven Davis
8

Was the Sarbanes-Oxley Act of 2002 Really This Costly?

Christian Leuz
7

Investment Spikes: New Facts and a General Equilibrium Exploration

Anil Kashyap
6 Market Forces and News Media in Muslim Countries Matthew Gentzkow and Jesse Shapiro
5

Adopting a Label: Heterogeneity in the Economic Consequences of IFRS Adoptions

Christian Leuz
4 The Contradiction in China’s Gradualist Banking Reforms Anil Kashyap
3 Who Blows the Whistle on Corporate Fraud? Luigi Zingales
2 Cost of Capital Effects and Changes in Growth Expectations around U.S. Cross-Listings Christian Leuz
1 Is the U.S. Capital Market Losing Its Competitive Edge? Luigi Zingales