Senior Fellows/Fellows

|

2025

Informal Institutions, Corporate Innovation, and Policy Innovation

Jian XIE, Bernard YEUNG, Qinhong YU
Informal institutions can play a crucial role in fostering corporate and policy innovation, espe-cially when formal institutions are weak. However, their intangible nature makes them difficult to quantify. In this paper, we proxy the strength of kinship-based informal institutions using sur-name hom...
Keywords: Informal Institutions, Surname Homogeneity, Corporate Innovation, Policy Innovation, Entrepreneurs, Economic Development, China
  • View
  • Download
  • Bookmark
  •    |   

AMPF Papers

|

Commissioned Paper

|

May 2025

Interpreting Turbulent Episodes in International Finance

Helene REY, Vania STAVRAKEVA
We study the anatomy of the international portfolio finance network. As global financial linkages have become denser over time, cross-border portfolio equity positions have grown in importance relative to debt for Emerging markets and Advanced economies. Using the framework developed by Rey and Stav...
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows

Macro Shocks and Firm-Level Response Heterogeneity

Steven J. DAVIS, Stephen HANSEN, Cristhian SEMINARIO-AMEZ
Macro shocks produce high dispersion in firm-level equity returns, sales growth, and other outcomes. We show that this dispersion reflects observable differences in business characteristics. To do so, we combine firm-level returns on stock market “jump” days with text about business risks in pri...
Keywords: Firm Heterogeneity, Text-as-Data, Machine Learning, Shock Identification
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Tech, Digital Markets and AI

|

May 2025

The Private Value of Open-Source Innovation

Logan P. EMERY, Chan LIM, Shiwei YE
We investigate open-source innovation by public firms and the private value it generates for these firms. Unlike patents, which grant inventors exclusive rights to their inventions, open-source innovations can be used by anyone. Nevertheless, using an extensive dataset of public-firm activity on Git...
Keywords: Open Source, Innovation, Firm growth, Valuation, GitHub
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Tech, Digital Markets and AI

|

May 2025

The Value of AI Innovations in Non-IT Firms

Wilbur Xinyuan CHEN, Terrence Tianshuo SHI, Suraj SRINIVASAN, Saleh ZAKERINIA
As the latest general-purpose-technology (GPT), AI technologies have recently started to diffuse from the general sector (IT industry) to the application sectors of AI (non-IT industries) at scale. To understand the benefits of AI innovations in application sectors, we study the value of AI innovati...
Keywords: Artificial Intelligence, Innovation, Valuation
  • View
  • Download
  • Bookmark
  •    |