iiinova — where your digital self keeps evolving

This paper finds that corporate acquisition activity follows a U-shaped lifecycle pattern: young & mature public firms are more acquisitive than middle-aged firms. Firms often diversify surprisingly early with 41% of first acquisitions being diversifying deals. spkl.io/633267plq4 #MandA

Figure 1. Post-IPO conditional acquisition rate per event-year by IPO-cohort
IPO and acquisition data are obtained from SDC Platinum. The IPO sample includes all initial public offerings in 1975-2002, excluding reverse LBOs, spinoffs, rights and unit offerings, ADRs, closed-end funds, and REITs. Acquisitions of the IPO firms are identified using the SDC M&A database and include all acquisition deals announced in 1981 2006. Event year refers to the year with respect to the IPO year, event year 0. The conditional acquisition rate is the ratio of acquisitions of a given type in a year divided by the number of firms alive at the beginning of that year.

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SSRN @ssrn.bsky.social · 5h

This paper finds that more than half of executives contacted by #headhunters were willing to consider outside opportunities. Executives with less certain roles and broader career experience were especially likely to engage in job search. spkl.io/633207plbp #Leadership

TABLE 2 Frequencies of responses to search request

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SSRN @ssrn.bsky.social · 7h

This paper argues that persistent negative swap spreads since the Global Financial Crisis can be partly explained by U.S. sovereign default risk, challenging the assumption that Treasuries are completely risk-free. spkl.io/633257plMt #FixedIncome #InterestRates

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SSRN @ssrn.bsky.social · 9h

This paper argues that the long-standing debate between vertical and horizontal public-defense representation presents a false choice.Instead, advocates a team-based model that combines continuity, accountability, and specialized expertise. spkl.io/633287pizg #CriminalJustice #Law

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SSRN @ssrn.bsky.social · 11h

This paper explores how much liability #AI providers should bear when their systems can be used for both beneficial and harmful purposes. Finds that optimal liability depends on competition, guardrails, defensive capabilities & the risk of excluding productive users. spkl.io/633297p9Cd

Figure 1: Best responses and the security equilibrium. Exposureis ℓ = 1. Panel (a) shows the full curves;
panels (b) and (c) enlarge the region around equilibrium. Solid curves are the baseline and dashed curves follow the
indicated change. A higher price shifts both responses inward, moving E0 = (25/4,21/4) to Ep = (4,3) while success
remains 1/2. Higher liability shifts only the defender’s response, moving equilibrium along the attacker curve to
Es = (375/64,161/64): both efforts fall, but success rises to 5/8

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SSRN @ssrn.bsky.social · 29/09/2026

This paper argues that the Patent Office has significantly expanded its use of discretionary denials in inter partes review and that courts have provided insufficient oversight of those decisions. spkl.io/633277pbql #PatentLaw #AdministrativeLaw

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SSRN @ssrn.bsky.social · 29/09/2026

New research argues that recessions can become self-reinforcing because weaker economic activity increases firm uncertainty, which reduces confidence and further suppresses investment and hiring. spkl.io/633257pbdh #Macroeconomics #BusinessCycles

Figure 1: Impulse response to an aggregate TFP shock

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SSRN @ssrn.bsky.social · 29/09/2026

This paper argues that inclusion in a market benchmark creates a "benchmark inclusion subsidy" by generating additional investor demand, potentially affecting investment decisions, M&A activity, spinoffs, and IPO valuations. spkl.io/633217pXs9 #AssetManagement #Finance

Figure 1: Change in the stockholder value, ∆Si,asafunctionofcorrelationsof
project y’s cash flows with cash flows of assets inside and outside the benchmark,
⇢jy for some j  k and some j>k. Parameter values: n =5, k =3, µy =1.2, I =1, σj =0.15, σy =0.1, ⇢jy =0unless it is plotted on the horizontal axis, ⇢j` =0, ` 6 = j, j =1,...,n, γ =2, λM =0.3, a =0.008, b =0.042. Investing firm: i =1. Solid line: j =2.Dashedline: j =4.

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SSRN @ssrn.bsky.social · 29/09/2026

This paper argues that when firms face financing constraints, taxing payouts (dividends and share repurchases) rather than profits can raise revenue more efficiently by placing a greater burden on unconstrained firms. spkl.io/633237pXo3 #TaxPolicy #CorporateFinance

Figure A1: Intertemporal Budget Constraint Violation vs. Tax Rate

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SSRN @ssrn.bsky.social · 28/09/2026

New research uses #LLMs to extract sentiment from #FOMC statements and finds that it helps predict future inflation and unemployment beyond professional forecasts. Markets appear to process the Fed's qualitative narrative gradually, over 10-15 trading days. spkl.io/633227puYm

Figure 1: Monetary policy sentiment
NOTE: Panel (a) of the figure depicts the time series of our monetary policy sentiment measure (solid line) along with the scaled JP Morgan
measure (dashed line). Panel (b) of the figure depicts the scatter plot of increments of the two monetary policy sentiment measures. Data
sources: Data sources: Federal Reserve Board, JP Morgan Markets

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SSRN @ssrn.bsky.social · 28/09/2026

This paper finds that the first five trading days of each month generate 83% of the U.S. corporate-bond credit premium and more than half of the returns across 103 bond factors. The reason remains an open puzzle. spkl.io/633237pu57 #CorporateBonds #FixedIncome

$Figure 3: Could luck produce the premium of the first five trading days? This figure shows how often the premium of the first five trading days could arise by luck. We shuffle the trading days within each month 5,000 times in random order (‘shuffled’), in the same way for every bond, and in each shuffle find the five days in a row that have the highest premium. The premium of five days in a row is their average daily credit return minus the average daily credit return on the remaining days of the month. For individual bonds (Panel A), we estimate it as the dummy coefficient δ of Eq. (2), with bond-month fixed effects αi,m and a dummy variable for those five days in place of the first five trading days. For the value-weighted bond market index (Panel B), we compute it in each month and average it across months. The histogram shows the premium of the best five days in each of the 5,000 shuffles, in basis points per day, and the vertical line shows the premium of the actual first five trading days. The p-value is the fraction of shuffles in which the best five days have a premium at least as large as that of the actual first five trading days, and it is the shuffled p-value in Table 1. The sample period is February 1997 to January 2023$

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SSRN @ssrn.bsky.social · 28/09/2026

Do delivery subscriptions really pay for themselves? New research finds that many subscription programs redistribute value rather than create it, with roughly half of subscriber relationships failing to generate positive lifetime savings. spkl.io/633267pube #ConsumerBehavior

Figure 1: The Consumer–Platform Value Alignment Plane

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SSRN @ssrn.bsky.social · 28/09/2026

This paper outlines a roadmap for AI assurance, examining how auditors can provide credible independent assurance over AI systems whose risks evolve across models, data, processes, and deployment environments. spkl.io/633227TiQE #AI #Audit

FIGURE 2: Evolution of the Artificial Intelligence Risk Landscape Across Increasingly Capable AI Systems.

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SSRN @ssrn.bsky.social · 27/09/2026

This paper develops a global asset-demand framework linking portfolio flows, exchange rates, and asset prices. The results show that investor demand plays a major role in shaping global financial markets. spkl.io/633267TiKC #InternationalFinance #AssetPricing

Figure 4. Illustration of residual supply. This figure illustrates the residual supply of Dutch and Australian debt from the perspective of US investors. German investors have a higher demand for Dutch than Australian debt through a gravity effect that depends on the bilateraldistance between countries.

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SSRN @ssrn.bsky.social · 27/09/2026

This paper shows that when global banks face capital constraints, lower domestic interest rates can increase local lending while reducing foreign lending, creating an international transmission channel for monetary policy. spkl.io/633267Tiuy #MonetaryPolicy #Banking

Figure 1. Foreign Banks’ Reserve Holdings at The Federal Reserve. The solid line shows the deposits (in billions of USD) held by foreign banks at U.S. Federal Reserve Banks for the period from 2000:Q1 to 2016:Q4. The dashed line (secondary axis) shows the foreign holdings as a percentage of total reserves. The vertical dashed line indicates 2008:Q4, when the Federal Reserve started paying interest on reserves held against deposits.

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SSRN @ssrn.bsky.social · 27/09/2026

New research argues that Chapter 11 creates a federally governed bankruptcy estate, meaning corporate governance during bankruptcy should be viewed through federal, not state, corporate law principles. spkl.io/633207TiZi #Bankruptcy #CorporateLaw

The Federal Corporate Law of Bankruptcy by Adam J. Levitin and Stephen J. Lubben.

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SSRN @ssrn.bsky.social · 27/09/2026

This paper finds that composite ESG scores have little power to explain benchmark-relative returns or alpha in European equity funds. Governance, however, is positively associated with benchmark-relative performance and residual alpha. spkl.io/633247Ti9M #ESG #AssetManagement

Figure 1: Annualised benchmark-excess returns from March 2014 to September 2021 across sustainability deciles, with D1 representing the lowest-scoring decile and D10 the highest

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SSRN @ssrn.bsky.social · 27/09/2026

New research analyzing 7,914 #privatefunds finds that buyout, private debt, and infrastructure funds outperform public benchmarks on a risk-adjusted basis, while North American venture capital and private real-estate funds generally do not. spkl.io/633237TimU #AssetManagement

Figure 1. Direct Alphas by Vintage Year for Alternative Benchmarks
2015 2018 Sector-Region Matched
This figure plots pooled direct alphas (calculated with mid betas) by vintage year for North American buyout funds (top panel) and North American venture capital funds (bottom panel). Direct alphas are calculated using the value-weighted CRSP index (blue), the Russell 2000 index (red) and its value (orange) and growth (purple)
variants, the S&P 500 index (green), and our sector-region matched index (cyan) as public market benchmarks. The vertical axis for venture capital is on a logarithmic scale to limit the visual influence of extreme returns for some vintages in the late 1990s.

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SSRN @ssrn.bsky.social · 26/09/2026

This paper examines whether recent political and judicial developments amount to a constitutional revolution in the United States, comparing the current era with transformations such as the New Deal and Civil Rights Revolution. spkl.io/633247T9h6 #ConstitutionalLaw #Politics

A Constitutional Revolution? by Mark Graber.

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SSRN @ssrn.bsky.social · 26/09/2026

New research finds that the expansion of 0DTE SPX options reduced the cost of equity tail protection, with investors increasingly concentrating put purchases in contracts expiring within 0-2 days. spkl.io/633237TgL3 #Options #Volatility

Figure 2: Quarterly event study of the SPX cross-tenor skew differential
around the May 2022 0DTE expansion
This figure contains a quarterly event study of the SPX cross-tenor skew differential
around the May 2022 0DTE expansion. The dependent variable is sk30,t − sk365,t, the difference between the 30-day and 365-day put-vs-ATM skew on date t, in percentage points. Each point is the mean across trading days in calendar quarter q ∈ [−6,8], spanning Q4 2020 through Q2 2024. Coefficients are normalized to the average of all six pre-treatment quarters q ∈ [−6,−1]. The calendar quarter q = 0 (Q2 2022) is split into q-pre (April 1 to May 15, 2022) and q-post (May 16 to June 30, 2022) to separate pre and post-treatment observations within the contaminated calendar quarter. The vertical dashed line marks the May 16, 2022 event date. Whiskers are 95% confidence intervals from Newey-West HAC standard errors at 63 trading days (1 quarter) of lags

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SSRN @ssrn.bsky.social · 26/09/2026

This paper finds that industries receiving private equity investment tend to experience faster productivity and employment growth, with little evidence that they become more vulnerable to aggregate economic shocks. spkl.io/633267Tgvi #PrivateEquity #Finance

Table 1: Descriptions of OECD STAN industry variables

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SSRN @ssrn.bsky.social · 26/09/2026

This paper finds a "competence penalty" associated with AI use. Software engineers using a generative AI coding tool received lower competence ratings for identical work, helping explain slower technology adoption. spkl.io/633257TgqD #AI #FutureOfWork

Figure S2. AI adoption and usage, split by gender and age (Study 1). (A) Female and mature-age engineers adopted AI more slowly over time. (B) Full distribution of number of prompts sent per month since adoption, with colored dots representing individual engineers. (C) Full distribution of lines of AI-generated code copied by each engineer. Points indicate means; error bars represent 95% confidence intervals。

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SSRN @ssrn.bsky.social · 26/09/2026

This paper argues that #law should distinguish between natural persons & organised #agents, not simply between private and public actors. Proposes that autonomy is the proper presumption for individuals, while accountability should be the starting point for orgs. spkl.io/633237Tgiv

Figure 1. A taxonomy of agents relevant to liberal law
The two boxes beneath ‘Plural agents’ state cumulative characteristics, not alternative subtypes.

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SSRN @ssrn.bsky.social · 25/09/2026

This paper argues that permissionless blockchains offer operational, financial, and competitive advantages over permissioned networks, while avoiding many of the concentration risks associated with traditional financial infrastructure. spkl.io/633247TgBi #Blockchain #Crypto

Table 1: Contrasting key design elements

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SSRN @ssrn.bsky.social · 25/09/2026

This paper separates the effects of clustering and trading models in statistical arbitrage, showing that clustering both adds alpha and reduces portfolio volatility by 28% to 42%. spkl.io/633287Tgys #QuantFinance #MachineLearning

Figure 2: Alpha against volatility at the trained component. This figure plots each arm’s annualized alpha against the annualized volatility of its book, both at the trained component over the 6,913-day sample (July 1997 to December
2024). Alphas are against FF5+MOM with Newey–West(21) standard errors on the seed-averaged payoff, and volatilities are computed per head seed and averaged over the five seeds, the conventions of Table 2. The shaded band spans the 12 clusterizers’ alphas. Four clusterizers are named: k-means on returns at the lowest volatility, the graph Sharpe clusterizer at the highest alpha, gics at the second-highest volatility with a mid-band alpha, and spectral clustering at the highest volatility and the lowest alpha; the eight unnamed circles are the remaining clusterizers, whose coordinates the replication package lists. The two controls are red

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SSRN @ssrn.bsky.social · 25/09/2026

This paper finds that low-leverage Korean firms with higher accounts-payable exposure are more likely to increase financial leverage in subsequent years, suggesting trade-credit usage contains information about future financing decisions. spkl.io/633247Tgp4 #CapitalStructure

Table 1. Data and Sample Construction: Analysis Sample and Descriptive Statistics
Notes: Panel A reports the construction of the baseline analysis sample, and Panel B presents descriptive statistics for the baseline 5% low-leverage risk set. A firm-year enters the risk set when book financial leverage is below 5% in year t. AP/TA is accounts payable divided by total assets. The transition indicator equals one when financial leverage reaches or exceeds 5% in year t+1. Continuous accounting variables are winsorized at the 1st and 99th percentiles where applicable.

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SSRN @ssrn.bsky.social · 25/09/2026

This paper finds same-weekday momentum in China's A-share market: stocks' returns are positively related to their returns on the same weekday in prior weeks, with the effect strongest on Mondays and Fridays. spkl.io/633277TgbZ #ChinaMarkets #AssetPricing

Figure 1. Day-of-the-week seasonalities in stock returns
This figure plots the coefficients (𝑏) of bivarate Fama-MacBeth regressions of daily returns on its k-th lag, where k ranges from 6 to 260. Coefficients of regressions using lags 1 to 5 are out of scale and omitted in the figure. Holidays and market closures are accounted for so that lags of multiples of five always refer to the same weekday. These regressions include the past return from month t-12 to t-2 to control for potential one-year return momentum. The circles denote weekly lags. The regressions use daily data for Chinese A-shares listed on Shanghai and Shenzhen exchanges from January 2000 to December 2023.

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SSRN @ssrn.bsky.social · 24/09/2026

This paper uses an autonomous LLM replication pipeline to test published #finance results. While 75% of findings replicate in the original sample, only 42% remain significant out of sample, highlighting a large gap between reproducibility and persistence. spkl.io/633227T5AM #Replication

Figure 1. Sample coverage by publication year. The figure shows how the main sample and its out-of-sample availability are distributed over publication years. Panel A plots the number of main-sample papers by publication year, stacked by journal; the sample is restricted to the 2000 2020 project universe (later years are reserved for the out-of-sample test). Panel B plots the share of papers with a usable out-of-sample extension (years with at least five papers); the shaded region
is a pointwise normal-approximation 95% interval and the dashed line is the full-sample availability rate. The publication year is the printed-issue year from the publisher’s own journal metadata (OpenAlex or archive metadata for the <1% of papers without a publisher record). Recent years mechanically have shorter post-sample windows, which lowers OOS availability and motivates the window-length robustness checks.

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SSRN @ssrn.bsky.social · 24/09/2026

This paper suggests that social norms alone may not be enough to prevent misconduct by public officials. Stronger enforcement reduces misuse of non-public information and helps sustain broader norms of integrity. spkl.io/633297T5LD #Governance #Corruption

Figure 3. Informed Trading by Civil Servants Around the Announcement Date
The figure presents the estimated coefficients from the interaction between event-year indicators and the civil servant indicator in the main specification (6), along with two-tailed 95% confidence intervals. The dependent variable is the number of nearby-property purchases by individual 𝑖 in event year 𝑡, multiplied by 100. Point
estimates are shown for three different distance cutoffs used to define target properties. The coefficient magnitudes can be interpreted approximately as percentage-point changes in annual nearby-property purchase intensity. Target properties are defined by circular buffers centered on each proposed station, with radius 𝑟 = 1, 1.5, 2.0 km. Event year 𝑡 = −4 is the omitted reference period. The vertical dashed line marks the project announcement date

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SSRN @ssrn.bsky.social · 24/09/2026

This paper finds that Republicans adopt #rooftopsolar less frequently than Democrats in the same ZIP code and year. The evidence suggests that social image and political identity play a larger role than financial returns or environmental impact. spkl.io/633247Ti0s #BehavioralEconomics

Figure 2: Rooftop Solar Adoption over Time
This figure plots the number of distinct properties receiving their first solar permit in each year of the sample, from the Builty national building permit data matched to CoreLogic properties. The level of the series reflects Builty’s permit coverage as well as adoption; Section 3.1 discusses the coverage growth over the sample period, and the empirical specifications absorb it with ZIP × Year fixed effects

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SSRN @ssrn.bsky.social · 24/09/2026

This paper compares peak charges and direct load control as tools for managing electricity-grid congestion. Peak charges can improve efficiency, while direct load control appears more robust to uncertainty and consumer behavior. spkl.io/633267T5qy #EnergyTransition #ElectricityMarkets

Figure 2: Comparison of demand shifting under coincident PCH for the centralized (a) and decentralized (b) solution in the two-consumer, two-period case with 𝛼𝑎 = 0.2 e∕kWh2, 𝛼𝑏 = 0.1 e∕kWh2, 𝜋 = 1 e∕kWh and 𝑝1 = 𝑝2

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SSRN @ssrn.bsky.social · 24/09/2026

This paper proves support, invariance for reversible-jump/tempered sampling, posterior concentration under non-i.i.d. likelihoods, & consistent partition recovery when clusters are well separated. Read: spkl.io/633287TirY Subscribe: spkl.io/633237TirU

This image shows a figure titled True group-specific interaction coefficients. In this simulation the interactions are constant in time but differ across groups.

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SSRN @ssrn.bsky.social · 23/09/2026

This paper finds that legalizing non-CPA ownership of accounting firms is associated with an 11.3% increase in new business creation, suggesting broader economic benefits from accounting-industry deregulation. spkl.io/633217T5Ed #Entrepreneurship #Accounting

Figure 1: Falsification and Dynamic Effects of Non-CPA Ownership Legalization
Notes: Panel A presents the results of our second falsification test by plotting the distribution of placebo coefficients on Non-CPA Ownership from 1,000 re-estimations of Equation (1) using randomly assigned earlier treatment years in
the GRD sample. The left vertical axis shows the frequency of the estimated placebo coefficients, while the right vertical axis displays the corresponding kernel density. The red dashed line denotes the estimate from our main results in Panel B of Table 2. Panel B presents the dynamic effects of legalizing non-CPA ownership on new business creation, estimated using an event-study DiD specification and the full sample of treated and control counties. Event years less than −5 are grouped into τ = −5, and event years greater than 5 are grouped into τ = 5. The year immediately prior to treatment (τ = −1) serves as the omitted benchmark year. All control variables are lagged by one year. Standard errors are clustered at the state level, and 90% confidence intervals are reported. See Appendix A for variable definitions

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SSRN @ssrn.bsky.social · 23/09/2026

This paper challenges the idea that Japanese capital repatriation can be inferred from aggregate flows alone. Different investor groups often move in opposite directions, causing substantial activity to cancel out in aggregate data. spkl.io/633247TeAj #Japan #CapitalFlows

Figure 1. Foreign long-term-debt net acquisitions by investor group
Notes: Three-month moving averages of monthly net acquisitions in trillions of yen. Source: author calculations from MOF monthly International Transactions in Securities

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Reposted by SSRN

Accounting for Transparency @trr266.bsky.social · 22/09/2026

However, this strategic restructuring comes at a cost: because these changes aim at protecting internal information rather than optimizing firm performance, they create operational inefficiencies. The full paper is available via @ssrn.bsky.social: buff.ly/qDWaaws

accounting-for-transparency.de

No. 233: Segment Disclosure Regulation, Proprietary Costs, and Organizational Restructuring

Abstract This study examines the response of firms with high proprietary costs to the segmental transparency requirements of SFAS 131, which mandates external reporting of internal divisions. We…

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Reposted by SSRN

Michigan Law @umichlaw.bsky.social · 23/09/2026

Michigan Law #MorningRead Professor David Santacroce et al: Report on the 2025-26 Survey of Applied Legal Education papers.ssrn.com/sol3/papers.... in @ssrn.bsky.social

Abstract
This report presents the results of the 2025-26 Center for the Study of Applied Legal Education (CSALE) Survey of Applied Legal Education. The survey was composed of two parts – a Survey of School Programs directed to ABA-accredited U.S. law schools and a Survey of Instructors distributed to each person teaching in a law clinic or field placement course. Ninety-four percent of law schools and over 1,200 teachers participated in the survey.

The results provide valuable insight into law clinic and field placement programs and courses in areas such as design, capacity, administration, funding, and pedagogy, and into the role and status of clinic and field placement educators in the legal academy. This is CSALE's seventh triennial survey, following up on surveys in 2007-08, 2010-11, 2013-14, 2016-17, 2019-20, and 2022-23.

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SSRN @ssrn.bsky.social · 23/09/2026

This paper finds that differences in how firms respond to macroeconomic shocks can be traced to observable business characteristics and risk exposures reflected in firms' own disclosures. spkl.io/633287TexI #Macroeconomics #Finance

Figure 2: Distributions of Pandemic and Inflation Exposures

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SSRN @ssrn.bsky.social · 23/09/2026

This paper develops a practical framework for implementing the EU Corporate Sustainability Due Diligence Directive (CSDDD), translating human rights and environmental obligations into actionable risk-management processes. spkl.io/633287Teqi #CSDDD #Sustainability

A Taxonomy of the Human Rights and Environmental Obligations Protected under the EU Corporate Sustainability Due Diligence Directive (CSDDD) by Judith Bauder.

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SSRN @ssrn.bsky.social · 23/09/2026

This HarvLRev article explains the CASA’s approach to “universal” #injunctions & argues that class actions could be used to enforce #judicial decisions by ordering officials to stop illegal conduct. Read: spkl.io/633277TuUL Subscribe: spkl.io/633297TuUF

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SSRN @ssrn.bsky.social · 22/09/2026

This paper argues that many COVID-era government-guaranteed loan programs were poorly targeted because firms were more concerned about weak demand and supply-chain disruptions than access to credit. spkl.io/633297TnD1 #EconomicPolicy #CorporateFinance

Figure 1: Perceived Change of Firm-level Characteristics: Access to Finance vs. Other Characteristics

This figure plots the qualitative answers on the perceived developments of several firm-level variables over the previous month. The answers are from a survey of firms which the German Bundesbank ran in June 2020.The answer options are on a five point Likert scale from 1 ’strongly decreasing’ to 5 ’strongly increasing’.

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SSRN @ssrn.bsky.social · 22/09/2026

This paper analyzes the lifecycle of 108,000+ open-weight AI models, finding that most lose popularity quickly, while a small number dominate usage and benefit from ecosystems of third-party descendants. spkl.io/633247TV4A #AI #OpenSourceAI

Figure 2.1: Downloads and likes over time for economically relevant models

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SSRN @ssrn.bsky.social · 22/09/2026

New research argues that the costs and benefits of Canada-U.S. economic integration should be assessed using broader welfare measures, including health outcomes, rather than relying solely on conventional economic indicators. spkl.io/633207TV0M #Canada #TradePolicy

Figure 1. Life Expectancy at Birth, 3-Year Moving Average, 1978-2023

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SSRN @ssrn.bsky.social · 22/09/2026

This paper argues that the 2008 crisis intensified through a "flight from maturity," as lenders shortened funding horizons to preserve exit options, gradually increasing systemic fragility before the failure of Lehman Brothers. spkl.io/633297TViR #FinancialCrisis #Banking

Table 3: Crisis Chronology
This table presents the common breakpoints following Bai’s (2010) procedure for different groups of data. Panel A shows the first breakpoints and the lower
and upper bound of their 99% confidence intervals. The number of securities, the data frequency and the sample period for each group are also reported.
Panel B shows the second and third breakpoints in the money market spreads data. Financial CDS include the 5-year credit default swaps (CDS) on 10 top U.S.
financial institutions, including commercial banks and dealer banks. The list of banks is in Table 1. CP includes four categories of commercial paper: A2/P2
nonfinancial, A1/P1 asset-backed commercial paper, A1/P1 financial, and A1/P1 nonfinancial. Repo include six categories of repo, which differ by the type of
privately-produced collateral used as backing: AAA/Aaa-AA/Aa asset-backed securities (ABS), including residential mortgage-backed (RMBS) and commercial
mortgage-backed securities (CMBS), RMBS and CMBS with ratings between AA and AAA , AAA/Aaa-A/A auto loan-backed, credit card receivables-backed and
student loan-backed ABS, AAA/Aaa-AA/Aa collateralized loan obligations (CLOs), AAA/Aaa-AA/Aa corporate bonds, and A/A-Baa/BBB+ corporate bonds.

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SSRN @ssrn.bsky.social · 22/09/2026

This paper studies how regulators should design & allocate penalties/fines across parties in a #firm when some agents may be judgment-proof (unable to pay some of the fines). Read: spkl.io/633217Tu5N Subscribe: spkl.io/633277Tu5h #EconSky

This image shows a figure titled Total profits in case of accident, where l1 = l2 and α1 6 0.5.

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SSRN @ssrn.bsky.social · 21/09/2026

Patent disclosure isn't always straightforward. This paper shows that firms make strategic choices about how much patent information to reveal during technology standard setting. spkl.io/633217TPzx #IntellectualProperty

Table 3:Patent Quality Analysis–Summary Statistics

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SSRN @ssrn.bsky.social · 21/09/2026

New research examines how countries define corporate tax residence in an increasingly global and digital economy, highlighting growing diversity in domestic rules and rising reliance on treaty-based Mutual Agreement Procedures. spkl.io/633287TO0r #InternationalTax #TaxPolicy

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SSRN @ssrn.bsky.social · 21/09/2026

This paper finds that adverse cash-flow shocks from #environmentalregulations typically lead boards to reduce #CEO risk-taking incentives. Financially distressed firms, however, often respond differently, consistent with a "gambling for resurrection" strategy. spkl.io/633237TPDv

Figure 2
Dynamic effects of nonattainment exposure on CEO incentive compensation
This figure plots the event study estimates and corresponding 95% confidence intervals according to the specification in Equation (6). The sample period is fiscal year 1993 to 2019. We focus on a window of four years before to four years after the nonattainment exposure. Event year t = −1 is the omitted category, implying that all coefficient estimates are relative to this year. The dependent variable, Vega, measures the dollar (in thousands) change in the value of the CEO’s portfolio of current option grants and accumulated option holdings for a 0.01 increase in the annualized standard deviation of a firm’s stock returns. The solid and dashed lines represent the dynamic effects of unexpected and expected nonattainment exposure on Vega, respectively

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SSRN @ssrn.bsky.social · 21/09/2026

This paper argues that DEMPE should be treated as evidentiary context, not as a standalone profit-allocation rule, within the OECD's six-step framework for intangible transactions. spkl.io/633247T3YK #TransferPricing #InternationalTax

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SSRN @ssrn.bsky.social · 21/09/2026

This paper revisits the birthright citizenship debate after recent Supreme Court litigation, arguing that constitutional and originalist disagreements over the Fourteenth Amendment remain far from settled. spkl.io/633247Tzd0 #ConstitutionalLaw #ImmigrationLaw

The Birthright Citizenship Debate Revisited by Steven Menashi and Elias Neibart.

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