Annual Conference

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Corporate Finance

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May 2025

When Protectionism Kills Talent

Mehmet CANAYAZ, Isil EREL, Umit G. GURUN, Yufeng WU
Protectionist policies intended to revitalize US chip manufacturing backfired, ultimately weakening the domestic workforce they aimed to rebuild. Instead of fostering talent growth, these measures diminished hiring for critical science and engineering roles, particularly in entry-level positions and...
Keywords: Chip, Semiconductor, Economic Nationalism, Tariff, H1-B, Labor, Career
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Annual Conference

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Corporate Finance

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May 2025

Coalitions, Retaliation, and Whistleblowing: Evidence from Memorials of Qing China

Meng MIAO, Thomas NOE, Xiao YAN
Whistleblowing by senior local officials is pivotal for monitoring official behavior and suppressing corruption. Yet, the act of reporting is a strategic decision, entangled with complex considerations such as the risk of retaliation by those being reported and the gains from collusion. Despite its ...
Keywords: Whistleblowing, Political coalition, Disaster
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Annual Conference

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Corporate Finance

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May 2025

Voting on Public Goods: Citizens vs. Shareholders

Robin DOTTLING, Doron LEVIT, Nadya MALENKO, Magdalena ROLA-JANICKA
We study the interplay between a “one person-one vote” political system and a “one share-one vote” corporate governance regime. If shareholders push firms for more pro-social policies, political backlash may arise, undoing ESG initiatives. In a frictionless economy, shareholder democracy bec...
Keywords: shareholder democracy, political democracy, public good, carbon tax, socially responsible investing, ESG, political backlash, wealth inequality, pass-through voting, universal owners
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Annual Conference

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Corporate Finance

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May 2025

The Echoes of Muted Political Speech in Financial Speech

Utpal BHATTACHARYA, Tse-Chun LIN, Janghoon SHON
Does impairment of political speech affect financial speech? We exploit the introduction of the National Security Law (NSL) in Hong Kong in June 2020 to answer this question. We find that after the NSL enactment, compared to foreign analysts covering the same firms, local analysts self-censor their ...
Keywords: National security law in Hong Kong, Self-censorship, analyst forecasts, Political speech
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Annual Conference

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Corporate Finance

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May 2025

Redistribution Channel of Monetary Policy: Evidence from Bank Lending

Yi HUANG, Bing LU, Hao ZHOU
Using the employer-employee survey data and the granular loan-level data from China, this paper explores the redistribution effect of monetary policy through bank lending. The main findings show that the expansionary monetary policy would reduce inequality through the sample bank lending, both withi...
Keywords: Monetary policy transmission, Redistribution effect, Bank lending, Loan rate, Income inequality
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