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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Corporate Finance

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May 2015

Who Captures The Power of The Pen?

Le ZHANG, Jiaxing YOU, Bohui ZHANG
We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more a...
Keywords: Media coverage, media concentration, political capture, CEO turnover
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Annual Conference

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Corporate Finance

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May 2022

What Explains the Geographic Variation in Corporate Investment?

Shohini KUNDU, Nishant VATS
We show that history can explain the geographic concentration of investment over and above traditional agglomerative forces, geography, and expectations. We use spatial variation in direct and indirect British rule to identify differences in historical circumstances. Using this within-country variat...
Keywords: investment, agglomeration, history, colonial rule, economic organization, state capacity
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Understanding Informal Financing

Franklin ALLEN, Meijun QIAN, Jing XIE
This paper offers a unified framework to understand informal financing. We explore various sources of informal financing based on their mechanisms to deal with asymmetric information and enforcement and examine their role in supporting firm growth. We find that constructive informal financing such a...
Keywords: Informal financing, asymmetric information, social collateral, firm growth
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Annual Conference

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Corporate Finance

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May 2022

Trust, but verify: The economics of scams in initial coin offerings

Yang (Gloria) YU, Chishen WEI, Kenny PHUA, Bo SANG
Losses from frauds and financial scams are estimated to exceed U.S. $5 trillion annually. To study the economics of financial scams, we investigate the market for initial coin offerings (ICOs) using point-in-time data snapshots of 5,935 ICOs. Our evidence indicates that ICO issuers strategically scr...
Keywords: Financial scams, Screening, Cryptocurrencies, Advisors
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