Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Apr 2023

Using a unique experiment of anonymizing online loan applications, we find that anonymous loan applications reduce racial disparities in access to credit. With names on applications, ethnic minority applicants are 10.6% less likely to receive online loan offers than otherwise identical ethnic majori...
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Webinar Series

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Capital Market Development: China and Asia

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Dec 2023

We conduct a field experiment to test four dividend theories. We enhance managers’ perception of investors’ agency concerns, investors’ risk preference, investors’ information demand, and investors’ tax status respectively in four treatment groups. We find that past payers receiving the ag...
Keywords: Dividend policy, Field experiment, Agency costs, Investor Relations
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Webinar Series

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Capital Market Development: China and Asia

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Nov 2023

The past decade has witnessed a phenomenal rise of digital wallets, which is further accelerated by the COVID-19 pandemic. Such e-wallets provide not only a conduit to external bank accounts but also internal payment accounts, including the popular BuyNow-Pay-Later (BNPL). We examine, for the first ...
Keywords: Cashless, Consumer Credit, FinTech, Financial Inclusion, Mobile Wallet
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2023

China’s Five-Year Plans (industrial policies targeting specific industries) displace US production/employment and heighten plant closures in the same industries. The shocks were not anticipated by the U.S. stock market, but firms in the treated industries suffer valuation loss afterwards. Firms ad...
Keywords: Within-firm adjustment, global economic shocks
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AMPF Papers

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Policy Note

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May 2023

With inflation surging worldwide, some commentators have speculated whether inflation expectations have become unanchored. This policy note presents a framework to evaluate whether an inflationary spike is due to temporary shifts in policy or the real economy on one hand, or due to an unanchoring of...
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