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Senior Fellows/Fellows

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Senior Fellows/Fellows

We examine next-day newspaper accounts of large daily jumps in 19 national stock markets to assess their proximate cause, clarity as to cause, and geographic source. Our sample of over 8,000 jumps, reaching back to 1900 for the United States, yields several novel findings. First, news about monetary...
Keywords: Stock market jumps, clarity about jump reason, monetary policy, government spending shocks, Fed put, global impact of US, market volatility, text analysis, human readings
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Senior Fellows/Fellows

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Senior Fellows/Fellows

We examine China's Targeted Poverty Alleviation Program in a hierarchical central-local-corporation tripartite collaboration framework. It started in 2014 but made only slow progress initially. To help accelerate the program, the central government permitted full tax deductions for corporate anti-po...
Keywords: central-local-governments and corporate collaboration, political economy of poverty alleviation, corporate anti-poverty spending, tax deductions
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Using DiD regressions, we exploit the impact of mandatory and timely full disclosure of an analyst’s corporate site visit in China. We find robust evidence that the regulation improves the quality of auditing, financial statements, and analyst forecasts. First, after the full disclosure regulation...
Keywords: Corporate site visits, Audit adjustments, spillover effects, the quality of financial statements, the quality of analyst forecasts
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AMPF Papers

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Commissioned Paper

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May 2024

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AMPF Papers

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Policy Note

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May 2024

After a decade of reforms aimed at ensuring no bank is too-big-to-fail, the collapse of Credit Suisse served as the first real-life test of this framework. A resolution following the international and Swiss too-big-to-fail framework would have involved recapitalizing Credit Suisse by bailing in all ...
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