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ABFER Research Digest 2014

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May
24

Latest ABFER Research

Trilemmas and Tradeoffs: Living with Financial Globalization

This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies.
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Powerful Independent Directors

Shareholder valuations are economically and statistically positively correlated with more powerful independent directors, their power gauged by social network power centrality measures. Sudden deaths of powerful independent directors significantly reduce shareholder value, consistent with independent director power "causing" higher shareholder value.
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Do Foreign Bank Affiliates Cut their Lending More Than the Domestic Banks in a Financial Crisis?

We contribute to the literature on the international transmission of balance sheet shocks that pummeled the banks of the industrialized countries in 2008 and 2009.We examine over time bank level data on 20,000 banks located around the world.
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State-controlled Banks and the Effectiveness of Monetary Policy

We find lending by state controlled banks to be significantly more associated with monetary policy than is lending by private sector banks. At the country-level, we further find monetary policy to be significantly closely linked to aggregate loan growth and aggregate fixed capital investment growth in countries whose large banks are more predominantly state controlled.
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Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?

Previous research on the United States and Japan finds economically large impacts of changing real estate collateral value on firm investment. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the real estate industry, we estimate standard investment equations that yield no evidence of a collateral channel effect.
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