Papers finance

Discussion papers

Research published in the discussion paper series typically goes on to final publication in the top economics and finance journals

The FMG's discussion paper series dates back to the founding of the FMG in 1987 with the first papers having been written by FMG co-founders Mervyn King and Charles Goodhart. Currently, all papers from 1995 onwards are available online.

Discussion papers are authored primarily by FMG staff, associates and research students and provide insights into cutting edge financial markets research currently being carried out at the FMG. Research published in the discussion paper series typically goes on to final publication in the top economics and finance journals. 

The most recent FMG discussion papers are listed below.


Bank Resolution and the Structure of Global Banks
Patrick Bolton and Martin Oehmke (April 2018)
FMG Discussion Paper DP778
Paul Woolley Centre Working Paper No 59

Trading and Information Diffusion in Over-the-Counter Markets
Ana Babus and Peter Kondor (April 2018)
FMG Discussion Paper DP777
Paul Woolley Centre Working Paper No 57

Communism as the Unhappy Coming
Simeon Djankov and Elena Nikolova (April 2018)
FMG Discussion Paper DP773

The Effect of Superstar Firms on College Major Choice
Darwin Choi, Dong Lou and Abhiroop Mukherjee (April 2018)
FMG Discussion Paper DP772
Paul Woolley Centre Working Paper No 56


The Dynamics of Financially Constrained Arbitrage
Denis Gromb and Dimitri Vayanos (August 2017)
FMG Discussion Paper DP771

Financial Markets where Traders Neglect the Informational Content of Prices
Erik Eyster, Matthew Rabin and Dimitri Vayanos (August 2017)
FMG Discussion Paper DP770

The Quanto Theory of Exchange Rates
Lukas Kremens and Ian Martin (August 2017)
FMG Discussion Paper DP769
Paul Woolley Centre Working Paper No 53

Performance-induced CEO turnover
Dirk Jenter and Katharina Lewellen (August 2017)
FMG Discussion Paper DP768

Executive Compensation: A Survey of Theory and Evidence
Alex Edmans, Xavier Gabaix and Dirk Jenter (July 2017)
FMG Discussion Paper DP767

Business Regulation and Poverty
Simeon Djankov, Dorina Georgieva and Rita Ramalho (September 2017)
FMG Discussion Paper DP766

Determinants of Regulatory Reform
Simeon Djankov, Dorina Georgieva and Rita Ramalho (June 2017)
FMG Discussion Paper DP765

Corporate Tax Cuts: examining the record in advanced economies
Simeon Djankov (May 2017)
FMG Discussion Paper DP764

Pipeline Risk in Leveraged Loan Syndication
Max Bruche, Frederic Malherbe and Ralf R Meisenzahlimeon (April 2017)
FMG Discussion Paper DP763

The City of London after Brexit
Simeon Djankov (February 2017)
FMG Discussion Paper DP762


The Anatomy of the CDS Market
Martin Oehmke and Adam Zawadowski (November 2016)
FMG Discussion Paper DP761
Paul Woolley Centre Working Paper No 52

What is the Expected Return on a Stock?
Ian Martin and Christian Wagner (November 2016)
FMG Discussion Paper DP760

Cultural Proximity and Loan Outcomes
Raymond Fisman, Daniel Paravisini and Vikrant Vig (May 2016)
FMG Discussion Paper DP759

The Divergent Postcommunist Paths to Democracy and Economic Freedom
Simeon Djankov (July 2016)
FMG Discussion Paper DP758

Women in Finance
Renee B Adams and Tom Kirchmaier (June 2016)
FMG Discussion Paper DP757

Downside Risk Neutral Probabilities
Pierre Chaigneau and Louis Eeckhoudt (April 2016)
FMG Discussion Paper DP756

Macro-Modelling, Default and Money
Charles Goodhart, Nikolas Romanidis, Dimitrios P Tsomocos and Martin Shubik (June 2016)
FMG Discussion Paper DP755

Informational Black Holes in Financial Markets
Ulf Axelson and Igor Makarov (April 2016)
FMG Discussion Paper DP754

European Venture Capital: myths and facts
Ulf Axelson and Milan Martinovic (April 2016)
FMG Discussion Paper DP753

The Dynamics of expected returns: evidence from multi-scale time series modelling
Daniele Bianchi and Andrea Tamoni (March 2016)
FMG Discussion Paper DP752

Say on Pay: do shareholders care?
Carsten Gerner-Beuerle and Tom Kirchmaier (March 2016)
FMG Discussion Paper DP751

What is the expected return on the market?
Ian Martin (March 2016)
FMG Discussion Paper DP750

An Information Based One-Factor Asset Pricing Model
Anisha Ghosh, Christian Julliard and Alex P Taylor (April 2016)
FMG Discussion Paper DP749


Information Asymmetries, Volatility, Liquidity and the Tobin Tax
Albina Danilova and Christian Julliard (December 2015)
FMG Discussion Paper DP748

Endogenous Contractual Externalities
Emre Ozdenoren and Kathy Yuan (November 2015)
FMG Discussion Paper DP746

Multi-Asset Noisy Rational Expectations Equilibrium with Contingent Claims
Georgy Chabakauri, Kathy Yuan and Konstantinos E. Zachariadis (June 2015)
FMG Discussion Paper DP745

A Tug of War: Overnight Versus Intraday Expected Returns
Dong Lou, Christopher Polk and Spyros Skouras (March 2015)
FMG Discussion Paper DP744

Wolf Pack Activism
Alon Brav, Amil Dasgupta and Richmond Mathews (March 2015)
FMG Discussion Paper DP742 


The Booms and Busts of Beta Arbitrage
Dong Lou, Christopher Polk and Shiyang Huang (December 2014)
FMG Discussion Paper DP743

Offsetting Disagreement and Security Prices
Byoung-Hyoung Hwang, Dong Lou and Chengxi Yin (November 2014)
FMG Discussion Paper DP739

The Value of Informativeness for Contracting
Pierre Chaigneau, Alex Edmans, and Daniel Gottlieb (October 2014)
FMG Discussion Paper DP737

Asset Management Contracts and Equilibrium Prices
Andrea Buffa, Dimitri Vayanos and Paul Woolley (October 2014)
FMG Discussion Paper DP736
Paul Woolley Centre Paper 41

Employment and Wage insurance within Firms: Wordlwide Evidence
Andrew Ellul, Marco Pagano and Fabiano Schivardi (October 2014)
FMG Discussion Paper DP735

Network Risk and key Players: A Structural Analysis of Interbank Liquidity
Edward Denbee, Chrisitan Julliard, Ye Li, and Kathy Yuan (October 2014)
FMG Discussion Paper DP734
AXA Working Paper 12

Activist Funds, Leverage, and Procyclicality
Mike Burkart and Amil Dasgupta (April 2014)
FMG Discussion Paper DP733
Paul Wooley Centre Paper 40

The Economics of Collateral
Ronald W. Anderson and Karin Jõeveer (May 2014)
FMG Discussion Paper DP732

Ties that Bind: How business connections affect mutual fund activism
Dragana Cvijanović, Amil Dasgupta and Konstantinos Zachariadis (April 2014)
FMG Discussion Paper DP731
Paul Woolley Centre Paper 39

Liquidity Risk and the Dynamics of Arbitrage Capital
Péter Kondor and Dimitri Vayanos (February 2014)
FMG Discussion Paper DP730
Paul Woolley Centre Paper 38

CEO Job Security and Risk-Taking
Peter Cziraki and Moqi Xu (February 2014)
FMG Discussion Paper DP729

Product Market Competition and Industry Returns
M. Cecilia Bustamante and Andrés Donangelo (February 2014)
FMG Discussion Paper DP728


Read discussion papers from between 1987 and 2013.