Interesting paper indeed that posits that factional competition in China has a similar impact on the economy as electoral competition in democracies

Journal of Corporate Finance is thrilled to welcome new Associate Editors: Pat Akey (University of Toronto), Ian Appel (Darden School at UVA), Winston Dou (The Wharton School), Joan Farre-Mensa (UIC Business), Zach Sautner (Frankfurt School), Philip Valta (Universität Bern), Kairong Xiao (Columbia Business School), Xiaoyun Yu (SAIF)

We welcome all submissions on non-banks, broadly defined, e.g. mutual funds, ETF, money market funds, insurance companies, pension funds, and stablecoins. Looking forward to reading your interesting work and to an exciting session!

Silicon Valley Bank (assets $209 billion) was above the Dodd-Frank $50 billion threshold for stress testing. A 2018 regulatory roll-back exempted it by raising the threshold to $250 billion because banks claimed extremely high compliance costs. But really? See our paper below

SVB got in trouble for investing in MBS. It’s certainly not alone in doing so. Why do banks invest in assets like MBS in the first place? 1/

SVB (1/..) First, sorry to be late. I received many questions about SVB but was too busy last week. Let's try and make some sense of this mess. As usual, there is a large amount of self-interested non-sense, from Silicon Valley's investors this time but that is incidental.

Great explanation of how banks work. My two cents: asking banks to mark all assets to market is unrealistic because we also need to do the same thing for deposit franchises, which is difficult. That's the reason why banks do hold-to-maturity accounting.

The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone. It will change the way people work, learn, travel, get health care, and communicate with each other. gatesnot.es/3FIamPU

Very glad that my job market paper on reaching for yield in the housing market in 18th-c. Amsterdam now found its home in the Journal of Financial Economics, in open access for everyone. Let me share the story behind this piece of financial history 🧵 sciencedirect.com/science/articl…

Lots of disagreement about the nature of banks' business model in our finance experts panel (also evident in participants' more detailed responses - follow link to see those). Plenty of work to do for academic research on the topic!

Episode 67: Kairong Xiao (Kairong Xiao, Columbia University) on the Economic Impact of Revolving Door Incentives. Joint with Joseph Kalmenovitz and Siddharth Vij. Listen now at thevisiblehand.uk/episodes/episo… #EconTwitter

Katalin Karikó - Interview nobelprize.org/prizes/medicin…

In a new paper, Joseph Kalmenovitz, Siddharth Vij, and Kairong Xiao analyze the prevalence of revolving door behavior in the United States government and discuss the impacts of limiting private sector job prospects for regulators. promarket.org/2023/10/30/clo…

So Wolfram’s theory about the unexpected capability level of ChatGPT & later models was that as the scale of the model increased, it replicated the hidden deep structural patterns of human language/thought. What are the other theories of LLM performance? writings.stephenwolfram.com/2023/02/what-i…

New paper out! Our study shows that post-crisis liquidity regulation crowds out bank lending. We propose a more efficient alternative: a price-based 'Committed Liquidity Facility' #BankingResearch sciencedirect.com/science/articl… #FinancialStability

📢 Exciting opportunity at Columbia Business School! We're seeking Pre-Doc / Research Assistants. 🔍 Ideal for students who want to pursue in a PhD in finance or economics. 🎓 Work on cutting-edge research working with Kairong Xiao, Xuelin Li, E. Yimfor, and myself. Apply now! (scan