The following is an excerpt from Data Money: Inside Cryptocurrencies, Their Communities, Markets, and Blockchains by Koray Caliskan, now out at Columbia University Press.
New research reveals that cryptocurrency advice from social media influencers could lead investors to lose money on average. Are regulators doing enough...
Four powerful forces—cryptocurrencies, the decoupling of geographical and monetary boundaries, ad-based digital platforms’ foray into the world of payments, and the value...
The results of the latest Financial Trust Index (FTI) survey, released last week by Chicago Booth and the Northwestern’s Kellogg School of Management, offer...
Can individual cryptocurrencies be programmed with stability in mind and if so, could a plethora of cryptocurrencies exhibit, in the aggregate, stable behaviors?
By now,...
Will blockchain technology lead to less shareholder activism and higher executive compensation? Watch David Yermack’s full Stigler Center lecture on the potential implications of blockchain...
Watch David Yermack's full Stigler Center lecture on the potential implications of blockchain technology for the future of finance. First part of a three-part series.
In...
In new research, Valentino Larcinese and Alberto Parmigiani find that the 1986 Reagan tax cuts led to greater campaign spending from wealthy individuals, who benefited the most from this policy. The authors argue that a very permissive system of political finance, combined with the erosion of tax progressivity, created the conditions for the mutual reinforcement of economic and political disparities. The result was an inequality spiral hardly compatible with democratic ideals.
Many financial commentators thought that the surge of retail investors participating in the stock market, the most notable of whom boosted “meme stocks” like GameStop, would democratize corporate governance and improve prosocial firm behavior, including the promotion of environmental, social, and governance (ESG) goals. In new research, Dhruv Aggarwal, Albert H. Choi, and Yoon-Ho Alex Lee find evidence that the exact opposite took place.
Kroger and Albertsons say they need to merge to compete with Walmart. Claire Kelloway argues that what they really want is Walmart’s monopsony power, and permitting mergers on these grounds will only harm suppliers, workers, and consumers.
Does an inventor’s political identity influence their productivity? In a new paper, Joseph Engelberg, Runjing Lu, William Mullins, and Richard Townsend examine the impacts of the 2008 and 2016 United States presidential elections on Democrat and Republican inventors, with a particular focus on the quantity and quality of patents after the country elects a new president.
Seventeen former chief economists of the Federal Trade Commission and the Department of Justice Antitrust Division urge current Agency heads to separate the legal and economic analysis in the draft Merger Guidelines to strengthen the role of the latter in merger review.