Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Tracking Retail Investor Activity

Ekkehart BOEHMER, Xiaoyan ZHANG, Charles M. JONES
We provide an easy way to use recent, publicly available U.S. equity transactions data to identify retail purchases and sales. Based on retail order imbalances, we find that retail investors are informed at horizons up to 12 weeks. Individual stocks with net buying by retail investors outperform sto...
Keywords: retail investors, price improvement, return predictability
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2017

Why Do Publicly Listed Firms Evade Taxes? Evidence from China

Bin KE, Yao ZHANG, Travis CHOW, Hongqi YUAN
Taking advantage of the mandatory disclosure of detected corporate tax evasions in China, we examine why publicly listed firms evade taxes. Different from most prior studies that focus on corporate income tax avoidance, we consider tax evasions related to both income taxes and non-income taxes. We a...
Keywords: tax avoidance, Tax evasion, China, SOE
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Specialty Conference

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Specialty Conference

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Jan 2017

Shadow Banking: Economics and Policy

Stijn CLAESSENS
Keywords: Stijn Claessens (Federal Reserve System)
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Specialty Conference

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Specialty Conference

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Jan 2017

Regulating Capital Flows at Both Ends: Does it Work?

Atish R. GHOSH, Mahvash S. QURESHI, Naotaka SUGAWARA
This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John Maynard Keynes and Harry Dexter White. To this end, we use data on bilateral cross-border bank flows fro...
Keywords: cross-boder bank flows, capital controls, prudential measures
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Specialty Conference

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Specialty Conference

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Jan 2017

Macroprudential Policies, Capital Flows, and the Structure of the Banking Sector

John BEIRNE, Christian FRIEDRICH
Using a large sample of advanced and emerging market economies over the period 1999–2012, we examine the effectiveness of macroprudential policies (MPPs) in managing cross-border bank flows. Conditioning on the structure of the banking sector in the MPP-implementing country, we find that higher re...
Keywords: Macroprudential policies, International capital flows, Banking sector
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