Working Papers

The IFFR Working Papers showcase cutting-edge research by our Fellows, addressing key issues in finance, regulation, and economic growth. These papers explore innovative ideas, market trends, and practical challenges, contributing to the advancement of financial theory and practice.
Indicative Keywords

2024

Cheng, X. and Skiadopoulos, G. (2024). Climate-Triggered Institutional Price Pressure: Does It Affect Firms’ Cost of Equity?  

Anthropelos, M. and Stefanakis, C. (2024). Equilibrium Returns in Continuous-Time Markets with Price Impact and Frictions.

Floros, V. I., Gatchev, A. V., Singh, K. A. and Wang, Q. (2024). Search and Pricing in Accelerated Seasoned Equity Offerings.

Bargeron, L. and Floros, V. I. (2024). Discounts evolution in private placements of equity.

Floros, V. I.  and White, T. J. (2024). Anatomy of OTC markets.

Floros, V. I., Huck, J. and Ivanov, I. V. (2024). OTC Markets and Liquidity: Evidence from PIPEs.

Floros, V. I., Hao, X. and Ivanov, I. V. (2024). VCs’ exit in mature Public Firms and their role in their Cost of Capital.

Ioannidou, V., Pinto, R. and Wang, Z. (2023). Corporate Pension Risk-Taking in a Low-Interest Rate Environment?

Carletti, E., Ioannidou V., Marco, F. and Sette, E. (2024). Corporate Runs and Credit Reallocation

Ioannidou, V., Kokas, S., Lambert, T. and Michaelides, A. (2024). (In)dependent Central Banks.

Fu, J., Ioannidou, V. and Mishra M. (2024). Don’t Stay Put: Ride the (Credit) Wave.

Ioannidou, V., Li S., Mishra, M. and Ongena, S. (2024). Graduating from Group to Individual Loans, with the Help of Personal Guarantees.

Gallo, A., Gao, N., and Ioannidou, V. (2024). China’s Savings Glut and Investors Hunt for Safe Assets.

Ademovic, E., Ioannidou, V. and Mosk, T. (2024). Cybersecurity Risk Unleashed

Ioannidou, V., Karmakar, S., Markoska E., and Van Horen, N. (2024). Firms’ Exposure to Inflation Risk.

Wu, Y., and Zechner, J. (2024). Political Preferences and Financial Market Equilibrium.

2023

Alexander, C. and Chen, X. (2023). Non-Rarity Metrics for Non-Fungible Tokens.

Alexander, C., Chen, X., Deng, J. and Wang, T. (2023). Arbitrage Opportunities and Efficiency Tests in Crypto Options.

Alexander, C., Chen, X., Deng, J. and Fu, Q. (2023). Impacts of Protocol Updates on Uniswap Decentralized Crypto Exchanges.

Anagol, S., Balasubramaniam, V., Ramadorai, T. and Uettwiller, A. (2023). A bad bunch: Asset value under-reporting in the Mumbai real estate market.

AndikogiannopoulouA., Ventouri, A. and Yonker, S. (2023). Not In My Backyard: Intrinsic Motivation and Corporate Pollution Abatement.

Anthropelos, M., Feng, R. and Kim, S. (2023). On the Expansion of Risk Pooling.

Badarinza, C., Balasubramaniam, V. and Ramadorai, T., (2023). In search of the matching function in the housing market.

BarberisN. and Jin, L. (2023). Model-free and Model-based Learning as Joint Drivers of Investor Behavior.

Bartlett, R., O’ Hara, M., and McCreary, J. (2023). A Fractional Solution to a Stock Market Mystery.

Bartlett, R., O’ Hara, M., and McCreary, J. (2023). Tiny Trades, Big Questions: Fractional Shares.

Bayar, O., FlorosIV., Liu, Y. and Mao, J. (2023). Litigation and Information Effects on Private Sales of Securities.

Dangl, T., Halling, M., Yu, J., and Zechner, J. (2023). Stochastic Social Preferences and Corporate Investment Decisions.

Dangl, T., Halling, M., Yu, J., and Zechner, J. (2023). Social Preferences and Corporate Investment.

FlorosIV., Johnson, SA. and Zhao, W. (2023). Redaction as a Response to SFAS No. 131’s Mandatory Disclosure of Segment Information.

FlorosIV., Singh, AK., Suzuki, K. (2023). Information Absorption in Stocks with Short-Selling Constraints.

Fu, J., IoannidouV. and Mishra, M. (2023). Don’t Stay Put: Ride the (Credit) Wave.

Greig, F., Ramadorai, T., Rossi, A., Utkus, S. and Walther, A. (2023). Algorithm aversion: Theory and evidence from robo-advice.

Ioannidou, V., Pinto, R. and Wang, Z. (2023). Corporate Pension Risk-Taking in a Low Interest Rate Environment.

IoannidouV., Kokkas, S., Lambert, T. and Michaelides, A. (2023). (In)dependent Central Banks.

IoannidouV., Gallo, A. and Gao, N. (2023). Who Pays for the Shortages of Safe Assets?

IoannidouV., Carletti, E., Marco, F. and Sette, E. (2023). Borrower Runs.

Kogan, L., Papanikolaou, D., Schmidt, L., and Seegmiller, B. (2023). Technology and Labor Displacement: Evidence from Linking Patents with Worker-Level Data.

Kogan, L., Papanikolaou, D., Schmidt, L., and Seegmiller, B. (2023). Technological Change and Occupations over the Long Run.

Kogan, L., Papanikolaou, D., Schmidt, L., and Song, J. (2023). Technological Innovation and Labor Income Risk.

Meeuwis, M., Papanikolaou, D., Rothbaum, J.  and Schmidt, L. (2023). Time Variation in Risk Premia, Labor Market Dynamics, and Income Risk.

Neuhierl, A., Randl, O., Reschenhofer, Ch. and Zechner, J. (2023). Timing the Factor Zoo.

O’ Hara, M., Rapp, A., and Zhou, A. (2023). The Value of Value Investors.

2022

Anthropelos, M. and Schneider, P. (2021). Optimal Investment and Equiibrium Pricing under Ambiguity .

 Anthropelos, M. and Blontzou , E. (2022). On the Super-Replicating Value of Pension Plans.

Alexiou, L., Goyal, A., Kostakis, A., and L. Rompolis. (2022). Pricing Event Risk: Evidence from Concave Implied Volatility Curves.

Crouzet, N., Eberly, J., Eisfeldt, A. and Papanikolaou, D. (2022). Intangible Capital, Non-rivalry, and Growth.

Jiang H., Vayanos, D. and Zheng, L. (2022). Passive Investing and the Rise of Mega-Firms.

Melone, A., Randl, O., Sögner, L. and Zechner, J. (2022). Stock-Oil Co-movement: Fundamentals or Financialization?

Papakonstantinou, F., Andrikogiannopoulou, A., Krueger, P. and Mitali, S. (2022). Discretionary Information in ESG Investing: A Text Analysis of Mutual Fund Prospectuses .

Vayanos, D., Polk, Ch., and Wooley, P. (2022). Long-Horizon Investing in a Non-CAPM World.

2021

Artavanis,N., Lee, B., Panageas, S. and Tsoutsoura, M. (2021). Zombie Lending and Cross-Subsidization in a Lending Crisis.

Barberis, N. and Jin, L. (2021). Model-free and Model-based Learning as Joint Drivers of Investor Behavior.

Floros, I., Feng, M., Johnson, S. and  and Ling, Z.  (2021). Walking the Line between Reducing Information Asymmetry and Protecting Proprietary Information: Management Forecasts by Newly Public Firms.

Garleanu,N., Panageas, S. and Zheng, G. (2021). A Long Leg and a Short Leg make for a Wobbly Equilibrium.

Papanikolaou, D., Crouzet, N., Eberly, J. and Eisfeld, A. (2021). The Economics of Intangible Capital.

Papanikolaou, N., Kogan, L. and Song, J. (2021). Technological Innovation and Labor Income Risk (new version).

Papanikolaou, N., Kogan, L., Schmidt, L. and Seegmiller, B. (2021). Technological Change and Occupations over the Long Run.

Ramadorai, T., Balasubramaniam, V., Campbell, J. and Ranish, B. (2021). Who owns what? A factor model for direct stockholding.

Ramadorai, T., Uettwiller, A. and Walther, A. (2021). The Market for Data Privacy.

Ramadorai, T., Anagol, S., Davids, A. and Lockwood, B. (2021). Do Firms have a Preference for Paying exactly Zero Tax?

Ramadorai, T., Andersen, S., Badarinza, C., Lu Liu, C. and Marx, J. (2021). Reference dependence in the housing market.

Ramadorai, T. and Zeni, F. (2021). Climate Regulation and Emissions Abatement: Theory and Evidence from Firms’ Disclosures

Skiadopoulos, G., Faccini, R. and Matin, R. (2021). Dissecting Climate Risks: Are they Reflected in Stock Prices?

2020

Abel A., Panageas, S. (2020). The Impact of Financial Constraints on Investment, Dividends, and q.

Barberis, N., Jin, L., and Wang B. (2020). Prospect Theory and Stock Market Anomalies.

Barkai S., Panageas, S. (2020). Value without Employment.

Pagano, M., Wagner, C. and Zechner, J. (2020). Disaster Resilience and Asset Prices.

Papanikolaou, D. (2020). Working Remotely and the Supply-side Impact of Covid-19.

Papanikolaou, D., Kogan, L., Schmidt, L. and Seegmiller, L. (2020). Technological Change and Occupations over the Long Run.

Papanikolaou, D., Kogan, L., Schmidt, L. and Song, J. (2020). Technological Innovation and the Distribution of Labor Income Growth Rates.

Papanikolaou, D., Li, D. and Krieger, J. (2020). Missing Novelty in Drug Development.

Ramadorai, T. and Zeni, F. (2020). Climate regulation and emissions abatement: Theory and evidence from firms’ disclosures.

Ramadorai, T., Badarinza, C. and Shimizu, C. (2020). Gravity, counterparties, and foreign investment.

Ramadorai, T., Fuster, A., Goldsmith-Pinkham, P. and Walther A. (2020). Predictably unequal? The effects of machine learning on credit markets.

2019

Andersen, S., Badarinza, C., Liu, L., Marx, J., and Ramadorai, T. (2019). Reference Points in the Housing Market.

Anthropelos, M., Bank, P. and Gokay, S. (2019). Equilibrium Transactions with Large Investors and Indifferent Market Makers.

Anthropelos, M., Geng, T. and Zaphiropoulou, T. (2019). Competitive Investment Strategies under Relative Forward Performance Criteria.

Badarinza, C., Ramadorai, T. and Shimizu, C. (2019). Gravity, Counterparties, and Foreign Investment.

Delikouras, S. and Kostakis, A. (2019). Mutual Fund Performance When It Really Matters Most.

Floros, I., Sivaramakrishnan, S. and Zufarov , R.(2019). Private Information Index and Proprietary Costs.

Gkionis, K., Kostakis, A., and Stathopoulos, K. (2019). Manifestations of Political Uncertainty around US Presidential Elections: Cross-sectional Evidence from the Option Market.

Hiraki, K., and Skiadopoulos, G. (2019). The Contribution of Frictions to Expected Returns

Ioannidou,V., Pavanini, N. and Peng, Y. (2019). Collateral Requirements and Adverse Selection in Lending Markets.

Papanikolaou, D., Kondo.J. and Li, D. (2019). Trust, Collaboration, and Economic Growth.

Ramadorai, T., Balasubramaniam, V. and Anagol, S. (2019). Learning from noise: Evidence from India’s IPO lotteries. 

Ramadorai, T., Andersen, S., Cambell Y., J. and Meisner-Nielsen, K. (2019). Sources of inaction in household finance: Evidence from the Danish mortgage market.

Ramadorai, T., Babina, T., Jotikasthira, P. and Lundblad, C. (2019). Heterogenous taxes and limited risk sharing: Evidence from municipal bonds.

Ramadorai, T., Uettwiller, A. and Walther, A. (2019). The Market for Data Privacy.

Vayanos, D., and Jean-Luc V. (2019). A Preferred-Habitat Model of the Term Structure of Interest Rates.

Vayanos, D., Buffa, A. and Woolley, P. (2019). Asset Management Contracts and Equilibrium Prices.

2018

Anagol, S., Balasubramaniam, V. and Ramadorai, T. (2018). Noise trading and Experience Effects.

Andersen, S., Campbell, Y., J., Meisner-Nielsen, K. and Ramadorai, T. (2018).  Sources of inaction in household finance: Evidence from the Danish mortgage market.

Antrhopelos, M. and Kardaras, C. (2018). Equilibrium in Thin Markets with Heterogeneous Agents and Limited Participation.

Antrhopelos, M., Kardaras, C. and Vichos, G. (2018). The Effective Risk Aversion in Thin Risk-Sharing Markets.

Antrhopelos, M., Robertson, S. and Spiliopoulos, K. (2018). Optimal Investment and Derivative Demand under Price Impact.

Badarinza, C., Ramadorai, T. and Shimizu, C. (2018). Nationality bias at home and abroad: Theory and evidence from commercial real estate.

Barberis, N. (2018). Psychology-based Models of Asset Prices and Trading Volume, National Bureau of Economic Research (NBER).

Bhattacharya, A. and O’Hara, M. (2018). Can ETFs Increase Market Fragility? Effect of Information Linkages in ETF Markets.

Carletti, E., De Marco, F., Ioannidou,V. and  Sette, E. (2018). Banks as Patient Lenders: Evidence from a Tax Reform .

Constantinides, M., G. and Ghosh, A. (2018).What Information Drives Asset Prices?

Easley, D., O’Hara, M. and Basu, S. (2018). From Mining to Markets: The Evolution of Bitcoin Transaction Fees.

Fuster, A., Goldsmith-Pinkham, P., Ramadorai, T. and Walther, A. (2018). Predictably Unequal? The Effects of Machine Learning on Credit Markets.

Gkionis, K., Kostakis, A., Skiadopoulos, S., G. and Stilger, P., S. (2018). Positive Stock Information in OTM Option Prices .

Goncharov, I., Ioannidou, V. and Schmalz, C., M. (2018). (Why) Do Central Banks Care about Their Profits?

Jiang, H., Skoulakis, G. and Xue, J. (2018). Oil and Equity Return Predictability: The Importance of Dissecting the Shocks Embedded in Oil Price Changes.

Krieger, J., Li, D. and Papanikolaou, D. (2018). Developing Novel Drugs.

Papadimitri, P., Staikouras, P., Travlos, N., C. Tsoumas, (2018). Punished Banks’ Acquisitions: Evidence from the U.S. Banking Industry.

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