Corporate bond markets proved remarkably resilient against a sharp contraction caused by the 2020 Covid-19 pandemic. We document three important findings: (1) bond issuance increased immediately when the contraction hit, [...]
The 2008 financial crisis exposed a longstanding problem in financial regulation: traditional regulatory strategies tend to be procyclical. That is, regulatory tools—most notably, bank capital requirements—incentivize excessive credit growth during [...]
The mortgage market experienced a historic boom in 2020, with record origination volumes and lender profits. While many borrowers benefited from record-low mortgage rates, the pass-through of lower rates to [...]
News and Commentary Following the passage of the European Union's Copyright Directive in 2019, it goes to the EU member states to implement its provisions, the most controversial of which [...]
This paper studies how innovative firms manage their innovation portfolios after filing for Chapter 11 reorganization using three decades of data. We find that they sell off core (i.e., technologically [...]
The second half of the twentieth century saw large-scale suburbanization in the United States, with the median share of residents who work in the same county where they live falling [...]
How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities? This paper incorporates insecure property rights into [...]
News and Commentary For Planetizen, Todd Litman writes about the debate as it relates to the housing supply and how to evaluate evidence presented by those coming from different perspectives [...]
News and Commentary In Reason Eric Boehm discusses the Restoring Board Immunity Act, which would reshape the antitrust liability shields occupational licensing boards face provided state governments increase scrutiny or change laws [...]
News and Commentary Jeff Hauser, in the Revolving Door Newsletter, discusses personnel changes related to financial regulation, including the removal of Comptroller Blake Paulson and Chief Operating Officer Robin Minor. [...]