Using a comprehensive dataset covering most derivatives trades reported to US exchanges since 1954, we present distributional estimates of the rate at which derivative trading volumes rise and fall. Our results suggest that the lifecycle of cleared derivatives changed fundamentally in the...

We decompose the decrease (1970s-2000) and subsequent recovery (2000-current) in the percent of dividend-paying firms. Changes in firm characteristics and the proclivity to pay dividends (probability of paying dividends conditional on characteristics) each drive half of the dividend...

This paper offers a dynamic model of the foreign exchange market where some investors in the market are more informed than others. By adjusting the proportion of informed investors in the market, it is shown that the disconnect between macroeconomic variables and the exchange rate is sensitive...

This paper posits asymmetric information as the missing link between the currency demands of investors and changes in the exchange rate. A theoretical model demonstrates that changes in the exchange rate and currency demand are positively correlated for well-informed investors and negatively...