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The Endgame (2019)
Journal Article
Banerjee, A., Markovich, S., & Secciay, G. (2019). The Endgame. Games and Economic Behavior, 118, 176-192. https://doi.org/10.1016/j.geb.2019.08.010

On December 1st, 2009 President Obama announced that the U.S. troops would have started leaving Afghanistan on July 2011. Rather than simply waiting \the U.S. troops out," the Taliban forces responded with a spike in attacks followed by a decline as... Read More about The Endgame.

The information content of forward moments (2019)
Journal Article
Andreou, P., Kagkadis, A., Philip, D., & Taamouti, A. (2019). The information content of forward moments. Journal of Banking and Finance, 106, 527-541. https://doi.org/10.1016/j.jbankfin.2019.07.021

We estimate the term structures of risk-neutral forward variance and skewness, and examine their predictive power for equity market excess returns and variance. We use Partial Least Squares to extract a single predictive factor from each term structu... Read More about The information content of forward moments.

Financial literacy and fraud detection (2019)
Journal Article
Engels, C., Kumar, K., & Philip, D. (2020). Financial literacy and fraud detection. European Journal of Finance, 26(4-5), 420-442. https://doi.org/10.1080/1351847x.2019.1646666

Who is better at detecting fraud? This paper finds that more financially knowledgeable individuals have a higher propensity to detect fraud: a one standard deviation increase in financial knowledge increases fraud detection probabilities by 3 percent... Read More about Financial literacy and fraud detection.

International trade, non-trading firms and their impact on labour productivity (2019)
Working Paper
Millard, S., Nicolae, A., & Nower, M. (2019). International trade, non-trading firms and their impact on labour productivity

In this paper we examine the impact of non-trading firms on labour productivity and its persistence in response to macroeconomic shocks, through their entry and exit into the domestic market, in a model with monopolistic competition and heterogeneous... Read More about International trade, non-trading firms and their impact on labour productivity.