Display:
Sort By:

Annual Conference

|

Sustainable and Green Finance

|

May 2022

We propose a strategic theory of Corporate Social Responsibility (CSR). Shareholder maximizers commit to a mission statement that extends beyond firm value maximization. This commitment leads firms to change their actions in ways that ultimately favor shareholders. We thus provide a formal analysis ...
Keywords: Leadership, corporate social responsibility, shareholder model, stakeholder model, externalities, mi
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2023

Extensive evidence suggests that managers strategically choose the complexity of their descriptive disclosures. However, their motives in doing so appear mixed, as complex disclosures are used to obfuscate in some cases and as a means of informative communication in others. Building on these observa...
Keywords: Financial reporting complexity, disclosure, complexity, obfuscation, disclosure informativeness, sophisticated investors, MD&A.
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics, Senior Fellows/Fellows

|

May 2022

We document that after the stock market index reaches a milestone number (round 1000), more households apply mortgage for home purchase, and they are more likely to apply mortgage for second homes compared to non-milestone historical maxima. The loan amount also increases after the milestone event. ...
Keywords: Stock market wealth, Rounding number bias, mortgage
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance, Senior Fellows/Fellows

|

May 2013

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 ...
Keywords: ownership structure, loan growth, capital investment, monetary policy, banking
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance, Senior Fellows/Fellows

|

May 2015

We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities, sta...
Keywords: State capitalism, business groups, internal capital markets, private enterprise
  • View
  • Download
  • Bookmark
  •    |