Research & Publications
Academic research, essays, and analysis advancing the understanding of innovation, market dynamics, and the structures that govern trust and exchange in modern economies.
Research Agenda
Our research investigates the forces shaping modern markets, from the technologies redefining ownership and exchange to the incentive structures governing behavior and the networks that connect participants across global financial systems.
Innovation & Technology
Examining the application and economic implications of patents, trademarks, blockchain, and smart contracts, including the role of cryptographic assets in reshaping ownership, verification, and the architecture of digital exchange.
Economics of Punishment
Assessing the effectiveness of punitive measures imposed to curb financial misconduct, analyzing how sanctions influence deterrence, rehabilitation, firm reputation, and governance structures across regulatory regimes.
Market Participation
Investigating the behavior of parties and counterparties within a transaction: how participants enter, engage, and exit markets, and the downstream effects on price formation, liquidity, and asset allocation.
Market Microstructure
Studying the formation and evolution of networks within markets, including how trading relationships, information flows, and institutional linkages develop across both established and emerging market economies.
Featured Research
What Exactly Is Flow?
This essay examines the concept of flow in financial markets: how investor capital moves, how it is measured at three levels, and why it moves prices with outsized force through the demand multiplier mechanism.
The Economics of Effective Punishment
Assessing the effectiveness of the punitive measures enforced by the federal government since 2000. Despite hefty investments in sanctions and fraud prevention, recurring offenses by a majority of firms pose serious questions about the effectiveness of these punitive actions.
The Effect of Local Stock Market Participation on Local Housing Prices
Leveraging geographical data, this study establishes a negative relationship between stock market returns and local housing prices, particularly in areas with higher market participation where cash-only home purchases increase after positive equity market returns.