Smart contracts and decentralized finance
We explain the mechanics of smart contracts. We then highlight the benefits of smart
contracts, such as overcoming commitment problems. We also discuss limitations, such as the …
contracts, such as overcoming commitment problems. We also discuss limitations, such as the …
Technological innovation, resource allocation, and growth
We propose a new measure of the economic importance of each innovation. Our measure
uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined …
uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined …
Equilibrium cross section of returns
We construct a dynamic general equilibrium production economy to explicitly link expected
stock returns to firm characteristics such as firm size and the book‐to‐market ratio. Stock …
stock returns to firm characteristics such as firm size and the book‐to‐market ratio. Stock …
Catching up with the Joneses: Heterogeneous preferences and the dynamics of asset prices
YL Chan, L Kogan - Journal of Political Economy, 2002 - journals.uchicago.edu
We analyze a general equilibrium exchange economy with a continuum of agents who have
“catching up with the Joneses” preferences and differ only with respect to the curvature of …
“catching up with the Joneses” preferences and differ only with respect to the curvature of …
Economic activity of firms and asset prices
L Kogan, D Papanikolaou - Annu. Rev. Financ. Econ., 2012 - annualreviews.org
In this review we survey the recent research on the fundamental determinants of stock
returns. These studies explore how firms' systematic risk and their investment and production …
returns. These studies explore how firms' systematic risk and their investment and production …
A reliability generalization study of the teacher efficacy scale and related instruments
Teacher efficacy has proven to be an important variable in teacher effectiveness. It is
consistently related to positive teaching behaviors and student outcomes. However, the …
consistently related to positive teaching behaviors and student outcomes. However, the …
Behavioral reasons for relinquishment of dogs and cats to 12 shelters
…, J Hutchison, R Ruch-Gallie, L Kogan… - Journal of Applied …, 2000 - Taylor & Francis
The Regional Shelter Relinquishment Study sponsored by the National Council on Pet
Population Study and Policy (NCPPSP) is a national research project designed to explore the …
Population Study and Policy (NCPPSP) is a national research project designed to explore the …
Pricing American options: A duality approach
We develop a new method for pricing American options. The main practical contribution of
this paper is a general algorithm for constructing upper and lower bounds on the true price of …
this paper is a general algorithm for constructing upper and lower bounds on the true price of …
Asset prices and real investment
L Kogan - Journal of Financial Economics, 2004 - Elsevier
… Specifically, I adopt the general equilibrium model of investment developed in Kogan (2001).
It is a two-sector model, in which one of the sectors is subject to constraints on investment. …
It is a two-sector model, in which one of the sectors is subject to constraints on investment. …
The price impact and survival of irrational traders
Milton Friedman argued that irrational traders will consistently lose money, will not survive,
and, therefore, cannot influence long‐run asset prices. Since his work, survival and price …
and, therefore, cannot influence long‐run asset prices. Since his work, survival and price …