The financial system -- An overview of financial markets and institutions -- The federal reserve and its powers -- The fed and interest rates -- Bond prices and interest rate risk -- The structure of interest rates -- Financial markets -- Money markets -- Bond markets -- Mortgage markets --...

Consistent with the well-documented relation between political orientation and psychological traits, hedge funds' political orientations are related to their portfolio decisions. Relative to politically conservative hedge funds, politically liberal hedge funds exhibit a preference for smaller...

Recent work suggests that sentiment traders shift from safer to more speculative stocks when sentiment increases. Exploiting these cross-sectional patterns and changes in share ownership, we find that sentiment metrics capture institutional rather than individual investors' demand shocks. We...