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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

World Asset Markets and the Global Financial Cycle

Helene REY, Silvia MIRANDA AGRIPPINO
We find that one global factor explains an important part of the variance of a large cross section of returns of risky assets around the world. Using a model with heterogeneous investors, we interpret the global factor as reflecting aggregate realised variance and the time-varying degree of market-w...
Keywords: Asset markets, financial cycle, risk aversion, credit spreads, credit flows, bank leverage, spillovers
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2018

Workplace Flexibility and Entrepreneurship

Jian ZHANG, Sumit AGARWAL, Tien Foo SING, Changcheng SONG
Working at home benefits workers with low fixed costs and the ability to engage in joint market and household production. We evaluate a large-scale reform in Singapore that allows the possibility of business creation at one’s residential property and study whether the option of home-based entrepre...
Keywords: Entrepreneurship, Home-Base Work, Experimentation
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Annual Conference

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Investment Finance

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May 2025

Wisdom or Whims? Decoding the Language of Retail Trading with Social Media and AI

Shuaiyu CHEN, Lin PENG, Dexin ZHOU
We leverage rich social media data and large language models (LLMs) to examine the relationship between investor trading strategies, sentiment, and market outcomes. Extracting trading strategies embedded in 96 million social media posts, we find that strategy adoption is heterogeneous and dynamic, w...
Keywords: Social finance, Social media, Retail trading, Herding, Technical analysis, Fundamental analysis
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Annual Conference

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Capital Market Development: China and Asia

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May 2013

Why Investors Do Not Buy Cheaper Securities: Evidence from a Natural Experiment

Baolian WANG, Kalok CHAN, Zhishu YANG
We examine the trading behavior of Chinese domestic investors after they were given access to the B-share market in 2001. Surprisingly, we find that only 2% of investors began buying B shares. Even among these 2%, investors were less likely to buy B shares if they had more experience in the A-share ...
Keywords: A/B share prices, portfolio inertia, trading experience, trading performance
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2017

Why Do Publicly Listed Firms Evade Taxes? Evidence from China

Bin KE, Yao ZHANG, Travis CHOW, Hongqi YUAN
Taking advantage of the mandatory disclosure of detected corporate tax evasions in China, we examine why publicly listed firms evade taxes. Different from most prior studies that focus on corporate income tax avoidance, we consider tax evasions related to both income taxes and non-income taxes. We a...
Keywords: tax avoidance, Tax evasion, China, SOE
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