Senior Fellows/Fellows

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Senior Fellows/Fellows

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Feb 2017

Busy Directors: Strategic Interaction and Monitoring Synergies

Alexander LJUNGQVIST, Konrad RAFF
We derive conditions for when having a “busy” director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to condition their monitoring choices on their co-directors’ choices and to experience positive or negative monitoring synergies across firms. ...
Keywords: Boards of Directors, Busy Directors, Monitoring
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Feb 2017

Dynamic Trade, Endogenous Institutions And The Colonization Of Hong Kong: A Staged Development Framework

T. Terry CHEUNG, Theodore PALIVOS, Ping WANG, Yin-Chi WANG, Chong Kee YIP
To explore the interplays between trade and institutions, we construct a staged development framework with multi-period discrete choices to study the colonization of Hong Kong, which served to facilitate the trade of several agricultural and manufactured products, including opium, between Britain an...
Keywords: trade, Hong Kong, Staged development framework
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Specialty Conference

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Specialty Conference

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Nov 2018

From Commodity to Fiat and Now to Crypto: What Does History Tell Us?

Barry EICHENGREEN
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a uniform currency, insofar as it is free of counterparty and liq...
Keywords: Monopoly, seigniorage, sovereignty, digital currencies
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

Activist-appointed Directors

Angie LOW, Jun-Koo KANG, Jungmin KIM, Hyemin KIM
We investigate how governance reform affects board functioning and firm value through the labor market channel. We find that unseasoned independent directors (UIDs), directors entering the director labor market for the first time, are an important source of labor supply after the 2002 enactment of t...
Keywords: Unseasoned independent directors, Labor market, Sarbanes-Oxley Act, Board of director, Monitoring and advisory roles
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Educational Choice, Rural-Urban Migration And Economic Development

Pei-Ju LIAO, Ping WANG, Yin-Chi WANG, Chong Kee YIP
Observing rapid structural transformation accompanied by a continual process of rural to urban migration in many developing countries, we construct a micro founded dynamic framework to explore how important education-based migration is, as opposed to work-based migration, for economic development, u...
Keywords: Rural-Urban Migration, economic development
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