Annual Conference

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Investment Finance

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May 2024

Prospect Theory in the Field: Revealed Preferences from Mutual Fund Flows

Bing HAN, Pengfei SUI, Wenhao YANG
Using mutual fund flows, we evaluate prospect theory with choice outcomes in the market. We provide strong support for prospect theory: under a standard set of parameters, funds whose past returns generate higher prospect theory value attract significantly larger future flows; we also find corrobora...
Keywords: Prospect Theory, Revealed Preference, Investor Demand, Mutual Funds
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Annual Conference

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Economic Transformation of Asia

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May 2017

Product Market Development and Business Group Affiliation Value: Evidence from an Emerging Market

Narahari HANSOGE, Vijaya B. MARISETTY, Poonam SINGH
In this paper, we attempt to understand whether business group affiliation continues to create value with improvements in institutional environment, especially with increased product market competition. This question comes at a time when there is growing awareness that business groups dominate produ...
Keywords: business groups, Horizontal and Vertical Integration, Deep Pockets and Indian Competition Act, 2002
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

Product Market Competition Shocks, Firm Performance, and CEO Turnover

Sudipto DASGUPTA, Xi LI, Albert WANG
We examine the effect of competition shocks induced by major industry-level tariff cuts on forced CEO turnover. Both the likelihood of forced CEO turnover and its sensitivity to performance increase. These effects are stronger for firms exposed to greater predation risk and with products more simila...
Keywords: Product Market Competition, Forced CEO Turnover, Corporate governance
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Annual Conference

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Economic Transformation of Asia

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May 2016

Product Dynamics and Aggregate Shocks: Evidence from Japanese Product and Firm Level Data

Robert DEKLE, Atsushi KAWAKAMI, Nobuhiro KIYOTAKI, Tsutomu MIYAGAWA
We examine the effects of shocks to aggregate productivity, foreign output demand, government expenditures, and demand for foreign liquidity on dynamics of products and exports of heterogeneous firms. The framework is motivated by open economy general equilibrium models of Bilbie, Ghironi and Melitz...
Keywords: Product Adding, Product Dropping, Aggregate and Idiosyncratic Productivity Shocks, Foreign Demand Shocks, Exports, Real Exchange Rates
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Annual Conference

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Household Finance

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May 2026

Private Innovation and Wealth Inequality

Mehran EBRAHIMIAN, Alexander LJUNGQVIST
Wealth inequality has risen sharply in recent decades. We study how restricted access to private-firm innovation contributes to this rise using a structural model of wealth accumulation with heterogeneous returns. Using a new long-run measure of innovation rents that includes both public and private...
Keywords: Wealth inequality, Private markets, Innovation rents, Return heterogeneity
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