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The International Center For Finance at the Yale School of Management provides active support for research in Financial Economics by its fellows and disseminates their work to the world's academic and professional communities. Please see papers below for the latest research at the International Center for Finance.


Language of Bargaining

M. Heddaya, S. Dworkin, C. Tan, and R. Voigt, and A. K. Zentefis
Computational Linguistics 61st Annual Proceedings, vol. 1, pp. 13161-13185



Real and Private-Value Assets

W. N. Goetzmann, C. Spaenjers, and S. Van Nieuwerburgh
The Review of Financial Studies

Art as Collateral

W. N. Goetzmann and M. Nozari
Journal of Alternative Investments

Bankrupt Innovative Firms

S. Ma, J. Tong, and W. Wang
Management Science

Young Firms, Old Capital

S. Ma, J. Murfin, and R. Pratt
Journal of Financial Economics

Persuading Investors: A Video-Based Study

S. Ma and A. Hu


The Financial Analysts Journal and Investment Management

W. N. Goetzmann
Financial Analysts Journal

The Banque Royale Ceiling and the Imagery of Finance in the Age of Absolutism

W. N. Goetzmann and D. A. Spieth
Journal18. A Journal of Eighteenth-Century Art and Culture, issue 10, vol. Fall


The Commodity Risk Premium

K. G. Rouwenhorst


Hedge Funds and Stock Price Formation

C. Cao, Y. Chen, W. N. Goetzmann, and B. Liang
Financial Analysts Journal

Les Compagnies De Moulins En Occitanie: Émergence Et Gouvernance De Sociétés Par Actions Multiséculaires

D. Le Bris, W. N. Goetzmann, S. Pouget
Revue d’économie financière

This series, edited by Geert Rouwenhorst and Will Goetzmann, along with several ICF fellows Howard Bodenhorn and Eugene White, raises the broad awareness of the importance of history in the consideration of current economy.

ICF Book Publications

The Origins of Corporations The Mills of Toulouse in the Middle Ages

Germain Sicard proves that Europe’s first corporations were fourteenth-century mill companies operating in Toulouse, rather than seventeenth-century English and Dutch trading companies as commonly believed. He shows that the corporate form derives from a unique ownership contract from Medieval Europe called pariage, and a culture of strong property rights and municipal self-governance. Based on archival research, Sicard’s 1952 thesis has been translated into English with an introduction that places the work in the context of new institutional economics and legal theory. It is an important contribution to research on the history and legal origins of the corporation.

The Great Mirror of Folly, Finance, Culture, and the Stock Market Crash of 1720

The world’s first global stock market bubble suddenly burst in 1720, destroying the dreams and fortunes of speculators in London, Paris, and Amsterdam virtually overnight. The co-editors are Geert Rouwenhorst, Will Goetzmann, Catherine Labio, Associate Professor of English at the University of Colorado-Boulder, and Tim Young, Associate Curator of Modern Books & Manuscripts at the Beinecke Library.

The Origins of Value: The Financial Innovations that Created Modern Capital Markets

From the invention of interest in Mesopotamia and the origin of paper money in China, to the creation of mutual funds, inflation-indexed bonds, and global financial securities, here is a sweeping survey of financial innovations that have changed the world. Written by a distinguished group of experts--including Robert Shiller, Niall Ferguson, Valerie Hansen, and many others--and wonderfully illustrated with over one hundred color photographs of landmark financial documents (including the first paper money), The Origins of Value traces the evolution of finance through 4,000 years of history.

Upcoming Publications

The Origins of Value: The Financial Innovations that Created Modern Capital Markets (Chinese version)