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Scientific Observations on Financial Markets

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The memory of stock return volatility: Asset pricing implications
Journal of Financial Markets, 23 January 2019 , Duc Binh Benno Nguyen, Marcel Prokopczuk, Philipp Sibbertsen

Currency Competition in Switzerland, 1826-1850
Kyklos, Volume 41, Issue 3, August 1988 , Ernst Juerg Weber

Forecasting Current-Quarter U.S. Exports Using Satellite Data
Federal Reserve Bank of Kansas City, Economic Review, Second Quarter 2018 , Jun Nie and Amy Oksol

Investors' Personality Influences Investment Decisions: Experimental Evidence on Extraversion and Neuroticism
"The authors find that extraversion and neuroticism significantly influence individuals' behavior in the experimental asset market."
Journal of Behavioral Finance, Volume 19, 2018 - Issue 1 , Andreas Oehler, Stefan Wendt, Florian Wedlich & Matthias Horn

Archetypes as Triggers of Financial Bubbles
"The author aims to demonstrate the workings of archetypes and proposes a measurement methodology designed to capture the subliminal forces that influence investment decisions."
Journal of Behavioral Finance, Volume 18, 2017 - Issue 1 , Niklas Hageback

Explaining the High P/E Ratios: The Message from the Gordon Model
The Journal Of Investment Management, Vol. 16 No.4, 2018 , Heinz Zimmermann

Finance vs. Wal-Mart: Why are Financial Services so Expensive?
"In the absence of evidence that increased trading led to either better prices or better risk sharing, we would have to conclude that the finance industry's share of GDP is about 2 percentage points higher than it needs to be and this would represent an annual misallocation of resources of about $280 billions for the U.S. "
Thomas Philippon, New York University

Does the Yield Curve Really Forecast Recession?
It's well known that in the United States recessions are often preceded by an inversion of the yield curve. Is there any economic rationale for this?
Federal Reserve Bank of St. Louis, Economic Synopses, No. 30, 2018 , David Andolfatto, Andrew Spewak

Do stocks outperform Treasury bills?
"All of the wealth creation can be attributed to the thousand top-performing stocks, while the remaining 96 percent of stocks collectively matched one-month T-bills."
Arizona State University, W. P. Carey School of Business, May 2018 , Prof. Hendrik Bessembinder, Francis J. and Mary B. Labriola

Can banks individually create money out of nothing? The theories and the empirical evidence
International Review of Financial Analysis, Volume 36, December 2014 , Richard A. Werner