We link the sustained appreciation of the U.S. dollar from 2011 to 2019 to international capital flows driven by primitive economic factors. We show that increases in foreign investors’ net savings, increases in U.S. monetary policy rates relative to the rest of the world, and shifts in...

The COVID-19 continues to hit the world economy as well as the financial markets. As a result of the coronavirus spread across all continents, the majority of the investors face their portfolios painted in red ink, even though there are still opportunities to gain from the current pandemic...

Due to the lower management costs and higher liquidity versus traditional mutual funds, the ETFs category has recently expanded at a faster pace than anytime before. The transparency in publicly traded ETFs gives investors access to diversified portfolios that were only available to large...

We develop a novel, risk-based theory of the effects of currency manipulation. In our model, the choice of exchange rate regime allows policymakers to make their currency, and by extension, the firms in their country, a safer investment for international investors. Policies that induce a...

Special Purpose Acquisition Companies (“SPACs”) are shell companies formed for the purpose of acquiring an existing operating company. A typical characteristic of a SPAC is that it has no specific business plan at the time of establishment or that it is still unclear of its target company. A...

Special-Purpose Acquisition Company (SPAC) has been a widely discussed topic since 2020 and the trend continues in 2021. The paper provides a comprehensive overview of SPACs, including their capital structure, market participants, characteristics of their management teams, and factors...

We develop a portfolio-based framework to understand the deterioration of the U.S. net foreign asset (NFA) position and the returns earned on U.S. NFA (exorbitant privilege). We show global savings gluts and monetary policies widened the U.S. NFA position, while investor demand shifts offset...

In this study, we estimate and investigate the evolution of monetary rules in China and the UnitedStates during the 21st century. Our aim is to examine whether financial stability has been takeninto consideration in practical monetary policy decision making. By proposing a new estimation method...

This paper finds that jurisdictional gaps in cryptocurrency regulation, including regulatory uncertainty and the receptiveness of the legal standing, taxation, and anti–money laundering laws, have incremental explanatory power for the cross-jurisdiction price disparity of the same...