Working Paper
Debt Dictionaries
WP 26-43 – Stock and bond investors treat different aspects of firm information as value-relevant, generating distinct mappings of text to returns (“dictionaries”).
Featured Work
Working Paper
How Do Large, Sophisticated Cryptocurrency Trades Impact Broader DeFi Market Dynamics?
WP 26-42 – Using transaction-level data for Bitcoin (BTC), Ethereum (ETH), and Wrapped Bitcoin (WBTC) matched to public “Whale Alert” signals, we examine how large-scale cryptocurrency trades shape market microstructure.
Working Paper
Underwater: Strategic Trading and Risk Management in Bank Securities Portfolios
WP 25-31/R – We use bond-level data to study how U.S. banks managed securities portfolio risk during the 2022–23 interest-rate surge.
Article
Stablecoins and the Future of the Dollar
Economic Insights — Since they exploded in popularity, stablecoins have been playing a growing role in the real economy.
Featured Data
Institutions in the Third District
This interactive tool summarizes information about banks and holding companies within the Third District (comprising eastern and central Pennsylvania, southern New Jersey, and Delaware) and provides each institution’s location and asset size as of the most recent quarter.
Updated: 24 Aug ’26
Third District Banking Conditions
Third District Banking Conditions is a semiannual report comparing the trends of Third District community banks with their national peers.
Updated: 27 Aug ’26
Large Bank Credit Card and Mortgage Data
The Large Bank Consumer Credit Data are based on Y-14M credit card and mortgage data provided by the largest financial institutions in the United States.
Updated: 13 Jul ’26