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Finance

Assembling an Economy in Space

A mix of public and private investments are positioning the space economy for a period of growth and innovation, says Sven Eenmaa ’98, director of investment and economic analysis at the International Space Station U.S. National Laboratory.

Astronauts working on the International Space Station
  • A Yale Economist Read 50 Personal Finance Books. He’s Got Some Notes.

    Personal finance gurus frequently depart from conventional economic wisdom, Yale SOM’s James Choi discovered, but their advice isn’t all bad.

    An illustration of someone sheltering himself from a financial story with a personal finance book
  • Short-Term Earnings Goals Drive More Pollution, Especially for Green Companies

    Yale SOM’s Frank Zhang and Jacob Thomas found that firms might increase their pollution when they’re struggling to meet earnings targets—and that firms with a history of environmental responsibility are most likely to engage in this pattern.

    An illustration of an anxious executive dropping garbage out the window into a lake
  • Stablecoins Survived ‘Crypto Winter,’ But That Doesn’t Make Them Safe

    Cryptocurrencies such as Tether, which is pegged to the dollar, have held on as others crashed. But according to new research by Yale SOM’s Gary Gorton, these “stablecoins” still pose major risks to the global financial system.

    A dollar floating in a frozen landscape with stablecoins tethered to it
  • Inside the CDO Market That Catalyzed the Financial Crisis

    “Inside the CDO Machine,” a special project from the Yale Program on Financial Stability, explores the first-hand perspectives of market participants.

    A home in foreclosure in Lithonia, Georgia, in 2007.
  • Government Can Be the Solution

    For investment banker Carol Samuels ’86, a key value is helping government make a difference in people’s lives, by applying financial tools and long-term thinking.

    The newly renovated Leodis V. McDaniel High School in Portland, Oregon.
  • Private Equity Investors Helped Stabilize Failed Banks During the Financial Crisis

    A new study co-authored by Prof. Song Ma finds that during the financial crisis, private equity firms took on banks in poor health that other buyers didn’t want, and those banks performed relatively well under their new management.

    A sign with the logo removed outside a Jefferson, Missouri, branch of Premier Bank, which failed in 2010.
  • Requiring Short Seller Disclosure Could Distort Markets

    A study by Yale SOM's Frank Zhang suggests that requiring disclosures of short positions would lead some investors to make decisions based on others’ short positions, rather than information about a firm; this “herding” could drive stock prices away from their true value.

    A herd of water buffalo drinking at a water hole
  • Can Mergers and Acquisitions Reduce Employee Misconduct?

    New research co-authored by Prof. Heather Tookes looks at whether employee misconduct in the highly regulated investment advisory industry goes down after a merger, potentially making the combined company more valuable.

    A photo of two wings of a modern glass building appearing to converge
  • Is Climate Risk More than Markets Can Handle?

    Yale SOM finance professor Stefano Giglio lays out the unique complications of grappling with climate risk, and explains his own work on stock portfolios that hedge climate change.

    A satellite image of Miami, Florida
  • How ‘Stablecoins’ Could Unleash Chaos

    Dollar-pegged cryptocurrencies are rapidly proliferating. But without regulation, these so-called stablecoins pose serious risks to the U.S. financial system, argue Yale SOM’s Gary B. Gorton and his co-author.

    An illustration of a bank supported by columns of precarious coins