Senior Fellows/Fellows

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Senior Fellows/Fellows

What Triggers Stock Market Jumps?

Scott R. BAKER, Nicholas A. BLOOM, Steven J. DAVIS, Marco SAMMON
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

Leaving No One Behind: China's Central-Local Governments and Corporate Tripartite Collaboration to Reduce Poverty

Zhaowei CHEN, Andrew DELIOS, Bernard YEUNG
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

Disclosed Analyst Corporate Site Visits: Audit Adjustments and the Quality of Financial Statements and Analyst Forecasts

Lixin HUANG, Wei LI, Liansheng WU, Bernard YEUNG
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

Debt Supercycle versus Secular Stagnation

Kenneth ROGOFF
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AMPF Papers

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Policy Note

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May 2024

Still Too Big to Fail?

Beatrice WEDER DI MAURO
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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