Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2017

Bankers on Fed Boards: Is Good News for the Banks Bad News for the Fed?

Renee B. ADAMS
Bankers and non-bankers sit on Federal Reserve Bank Boards. In the case of banks, this may create a perception problem since the Fed supervises banks. I examine who sits on Reserve Bank boards and the market reaction to director appointments during the period 1990-2009. I document that Fed directors...
Keywords: Federal Reserve, Director, Banks, Conflicts of Interest, Reputation, Perception
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2017

Banking The Unbanked: What do 255 Million New Bank Accounts Reveal about Financial Access?

Sumit AGARWAL, Amit SERU, Pulak GHOSH, Shashwat ALOK, Soumya GHOSH, Tomasz PISKORSKI
In this ongoing study, we use the largest financial inclusion program in the world to study the role of financial inclusion on the unbanked and the real economy. Using administrative account level micro data, we find that the program led to 255 million new bank account openings in India (as of Novem...
Keywords: banking, Financial Inclusion, Financial Literacy, big data, Financial Access, savings, Spending, Debit Card, Consumer Finance, Household Finance
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Annual Conference

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Accounting

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May 2017

Gender and beauty in the financial analyst profession: evidence from the United States and China

Kevin VEENSTRA, An-Ping LIN, Congcong LI, Hai LU
This study examines whether institutional investors’ voting for All-Star financial analysts is affected by analyst beauty. Using a sample of 1,135 U.S. analysts and controlling for analyst performance, we document that beauty, on average, does not affect the outcome of All-Star analyst voting. How...
Keywords: Analysts, Beauty, Information asymmetry, Labor market
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Air Pollution, Behavioral Bias, and the Disposition Effect in China

Hong ZHANG, Massimo MASSA, Jennifer Jie LI, Jian ZHANG
Inspired by the recent health-science findings that air pollution reduces human cognitive skills, we examine whether air pollution can intensify cognitive bias observed in the financial markets. Based on a proprietary dataset obtained from a large mutual fund family in China, which contains the comp...
Keywords: Air Pollution, The Disposition Effect, Mutual Funds
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Bonds, Stocks, and Sources of Mispricing

Doron AVRAMOV, Alexander PHILIPOV, Gergana JOSTOVA, Tarun CHORDIA
This paper shows that investor sentiment and financial distress jointly drive the equity overpricing underlying market anomalies. In particular, the intersection of high sentiment and rating downgrades of distressed firms characterizes episodes of inflated stock and bond prices to the extent that as...
Keywords: sentiment, mispricing, anomalies, bonds, stocks, Financial Distress
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