This paper deals with the problem of capital allocation with respect to the recent concept of intrinsic risk measure, proposed by Farkas and Smirnow. As traditional approaches do not work in this framework, we introduce a new one, discussing its meaning and providing also some considerations on...

This paper studies the macroeconomic implications of firm-branding activities. We show empirically that firms build market share by creating new brands, developing their existing brands, and buying established brands from other firms. Sales and prices of the underlying branded products tend to...

We know that a strategyproof mechanism does not exist that is ordinally efficient and fair in the sense of equal division lower bound. We show that this impossibility for random assignments prevails even if agents have uniform preferences where a weakly decreasing utility function determines...

I show that capital is misallocated across liquidity pools on blockchain-based decentralized exchanges. Many pools have persistent abnormal returns, both with respect to factor models and compared to options-implied liquidity premia. Pools with higher past returns continue to have significantly...

Bank market power shapes firm investment and financing dynamics and hence affects the transmission of macroeconomic shocks. Motivated by a secular increase in the concentration of the US banking industry, I study bank market power through the lens of a dynamic general equilibrium model with...

We apply four quantitative methods for optimal allocation to Bitcoin cryptocurrency within alternative and balanced portfolios based on metrics of portfolio diversification, expected risk-returns, and skewness of returns distribution. Using roll-forward historical simulations, we show that all...

This paper is uniquely directed at mapping business land in satellite imagery, with the aim to introduce a standardized approach to estimating how much land in an observed area is allocated to business. Business land and control categories of land are defined and operationalized in a...

This paper compares the productivity loss from product and input market distortions across countries and examines how it is influenced by trade using firm-level data from over 70 countries. Three main results emerge. First, productivity loss from misallocation significantly varies across...

How do banks facilitate creative destruction and shape firm turnover? We develop a dynamic general equilibrium model of bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By restructuring loans to firms with poor prospects and...