Annual Conference

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Investment Finance

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May 2024

The Rise of Reddit: How Social Media Affects Belief Formation and Price Discovery

Danqi HU, Charles M. JONES, Siyang LI, Valerie ZHANG, Xiaoyan ZHANG
Using submission level data from social media platform Reddit, we rely on the theoretical framework of Pedersen (2022) to examine how social media affects belief formation, price discovery and trading dynamics. Consistent with the predictions on network belief spillover, we find that opinions of har...
Keywords: social media, belief formation, return prediction, short selling, retail investors
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Annual Conference

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Corporate Finance

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May 2024

Diverging Paths in Banks' Business Models: New Facts and Macro Implications

Shohini KUNDU, Tyler MUIR, Jinyuan ZHANG
We document the emergence of two distinct types of banks over the past decade: high rate banks which provide deposit rates in line with market interest rates, and low rate banks whose deposits are now even less sensitive to market rates. While the aggregate sensitivity of deposit rates to market int...
Keywords: Banking, Monetary Policy, Technology
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Annual Conference

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Corporate Finance

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May 2024

Patent Hunters

Lauren H. COHEN, Umit G. GURUN, S. Katie MOON, Paula SUH
Analyzing millions of patents granted by the USPTO between 1970 and 2020, we find a pattern where specific patents only rise to prominence after considerable time has passed. Amongst these late-blooming influential patents, we show that there are key players (patent hunters) who consistently identif...
Keywords: Innovation chain, innovation rent, patent citations, patent evolution, technological impact, technological trajectories, commercialization
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Annual Conference

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Corporate Finance

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May 2024

Discrimination in Two-sided Matching Market Experimental and Theoretical Evidence in Entrepreneurial Finance

Junlong FENG, Ofir GEFEN, Ye ZHANG, Weijie ZHONG
To explain the unique persistent gender gap in the US entrepreneurial community, this paper conducts an experiment with real US startup founders. Results show that male entrepreneurs have implicit gender discrimination against female investors due to statistical discrimination. The discrimination is...
Keywords: Discrimination, Matching, Field Experiments, Venture Capital, Entrepreneurship
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Annual Conference

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Corporate Finance

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May 2024

Capital Flight with Intra-firm Lending

Jiafei HU, Haishan YUAN
Using a novel administrative dataset, we study the cross-border capital flows related to internal loans of Chinese multinational enterprises. We exploit an exogenous policy change on the RMB exchange rate and provide evidence that the expectation of the RMB exchange rate has a significant impact on ...
Keywords: Multinationals, RMB Exchange Rate, Internal Debt, Capital Flight
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