Michał Dzieliński’s Post

📢 New issue alert! 📢 We are pleased to share that the latest issue (Volume 28, Issue ) of the Review of Finance is now available. Below is the table of contents: 🔹 Leveraged Speculators and Asset Prices by Wenxi Jiang 🔹 Yield Curve Momentum by Markus Sihvonen 🔹 When Passive Funds Affect Prices: Evidence from Volatility and Commodity ETFs by Karamfil Todorov 🔹 Common Ownership and Creative Destruction: Evidence from US Consumers by Hadiye Aslan 🔹 Common Risk Factors in Cross-Sectional FX Options Returns by Xuanchen Zhang, Raymond H. Y. So, Tarik Driouchi 🔹 Credit Risk, Debt Overhang, and the Life Cycle of Callable Bonds by Bo Becker, Murillo Campello, Viktor Thell, Dong Yan 🔹 External Financing, Technological Changes, and Employees by E. Han Kim, Yuan Li, Yao Lu, Xinzheng Shi 🔹 Green Links: Corporate Networks and Environmental Performance by Hossein Asgharian, Michał Dzieliński, Zahra Hashemzadeh, Lu Liu 🔹 The Saliency of the CEO Pay Ratio by Audra Boone, Austin Starkweather, Joshua White 🔹 Fresh Air Eases Work—The Effect of Air Quality on Individual Investor Activity by Steffen Meyer, Michaela Pagel We'll be sharing more information about the articles in this issue over the next few days, so keep an eye on our posts. Or, if you're read, dive into the full issue today: https://lnkd.in/dJKvdJCi

📢 New issue alert! 📢 We are excited to announce that Volume 28, Issue 5 of the Review of Finance is now available. Here's what's in the issue: 🔹 The labor effects of R&D tax incentives: evidence from VC-backed startups by Jun Chen and Shenje Hshieh 🔹 Do private firms (mis)learn from the stock market? by Dong Yan 🔹 Contracting when enforcement is weak: evidence from an audit study by Rajkamal Iyer and Antoinette Schoar 🔹 Strategic borrowing from passive investors by Darius Palia and Stanislav Sokolinski 🔹 Mutual funds’ strategic voting on environmental and social issues by Roni Michaely, Guillem Ordonez-Calafi and Silvina Rubio 🔹 Hedge funds and the positive idiosyncratic volatility effect by Turan Bali and Florian Weigert 🔹 Attribute misreporting and appraisal bias by Mike Eriksen, Chun Kuang and Wenyu Zhu 🔹 Does express delivery run ahead of stock price? by Jeffery (Jinfan) Chang, Shijie Yang, Bohui Zhang 🔹 Market accessibility, bond ETFs, and liquidity by Craig Holden and Jayoung Nam We'll be sharing digests from these articles over the next few days, so keep an eye on our posts. If you'd like to explore the full issue now, click here: https://lnkd.in/eqvnctgD

📢 New issue alert! 📢 We are pleased to share that the latest issue (Volume 28, Issue 4) of the Review of Finance is now available. Below is the table of contents: 🔹 Do investors care about biodiversity? by Alexandre Garel, Arthur Romec, Zacharias Sautner and Alexander Wagner 🔹 Complementarity of sovereign and corporate debt issuance: mind the gap by Bruce D. Grundy, Sjoerd van Bekkum and Patrick Verwijmeren 🔹 Humans in charge of trading robots: the first experiment by Elena Asparouhova, Peter Bossaerts, Xiaoqin Cai, Kristian Rotaru, Nitin Yadav and Wenhao Yang 🔹 Initial public offerings and the local economy: evidence of crowding out by Jess Cornaggia, Matthew Gustafson, Jason Kotter and Kevin Pisciotta 🔹 Do sell-side analysts say “buy” while whispering “sell”? by David Hirshleifer, Yushui Shi and Weili Wu 🔹 No experience necessary: the peer effects of intended entrepreneurs by Isaac Hacamo and Kristoph Kleiner 🔹 Building trust takes time: limits to arbitrage for blockchain-based assets by Nikolaus Hautsch, Christoph Scheuch and Stefan Voigt 🔹 Female innovative entrepreneurship and maternity risk by Fabrizio Core 🔹 Pricing protest: the response of financial markets to social unrest by Philip Barrett, Mariia Bondar, Sophia Chen, Mali Chivakul and Deniz Igan We'll be sharing more information about the articles in this issue over the next few days, so keep an eye on our posts. Or, if you're ready, dive into the full issue today: https://lnkd.in/dtNHAmjZ

Our paper on cross-CEX arbitrage in the Review of Finance is in very good company :-) Proud to see this long journey coming to an end.

Many thanks for accepting our paper to the 60th Annual Eastern Finance Association Meeting and especially to Runjing Lu for her superb discussion. I also had the honour of discussing a great paper on “The Unintended Consequences of Financial Sanctions” by Ritt Keerati and also chairing the Regulation session. https://lnkd.in/eh-gBst9 Most important information on our paper on “Real effects of Exchange Rate Depreciation: The Roles of Bank Loan Supply and Interbank Markets“ together with Thorsten Beck, Daniel Marcel te Kaat and Natalja von Westernhagen. Our main findings are: 1️⃣ Exchange rate depreciations can lead to higher loan supply by raising banks‘ net worth and interbank lending. 2️⃣ Large banks serve as a central intermediary that reallocates liquidity towards small banks that have a higher portfolio share of export-intensive firms. 3️⃣ Regions that are more exposed to this mechanism experience significantly higher GDP growth, driven by an increase in investment by more affected firms. Conclusions: 🟡 Results imply that an exchange rate depreciation, by increasing interbank market liquidity, can have sizeable economic effects, even when local banks have low foreign-currency asset exposure and are therefore not affected directly by the exchange rate shock. 🟢 Results highlight the functioning of the German interbank market, which reallocated resources from banks with abundant funds towards those where most of the economy‘s funding needs are.

I am delighted to share that my paper entitled "Why Does Uncovered Interest Parity Fail Empirically?" has been published in the International Review of Financial Analysis (Elsevier). This is an open-access article. You can read it here: https://lnkd.in/gNk9KcAP

Very interesting read from John and the team at First Economics. This will be really helpful for new starters and joiners who want to learn more about the fascinating world of economic regulation. #water #regulation #utilities #pr24 #pr29

Dr. Zhenzhen Fan is an assistant professor of finance whose research focuses on empirical and theoretical asset pricing, financial derivatives, international finance, and textual analysis. Learn more about her current research here: https://lnkd.in/griSgwHW #LangBusiness #UofG #Finance

In this thought-provoking article, William Bernstein challenges the necessity of staying up to date with every piece of academic finance literature. He argues that the most crucial lessons in finance come from foundational theories established between 1930 and 1980—principles like the efficient market hypothesis, portfolio theory, and Prospect Theory. While new research can be insightful, Bernstein suggests that the core knowledge remains unchanged and is still the bedrock for successful investing today. He also highlights a few standout studies from recent decades but maintains that a disciplined approach based on long-standing principles is what truly matters. 💡 Key Takeaways: -Timeless Insights: Classic financial theories from the 20th century still form the backbone of smart investing. -Practical Application: While some new studies are valuable, they often reinforce what experienced investors already know. -Discipline Over Complexity: Investors benefit more from mastering fundamentals and sticking to them. 👉 Read the full article for an in-depth look at the essential financial lessons, and explore more articles like this in our Weekend Reading series! ✨ Link: https://lnkd.in/ebGMJssB