Annual Conference

|

Household Finance

|

May 2024

The price of leverage: learning from the effect of LTV constraints on job search and wages

Gazi KABAS, Kasper ROSZBACH
Does household leverage matter for workers’ job search, matching in the labor market, and wages? Theoretically, household leverage has been shown to have opposing effects on the labor market through, among others, a debt-overhang and a liquidity constraint channel. To test which channels dominate ...
Keywords: Household leverage, household debt, job displacement, job search, macroprudential policy, wages.
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2019

The Pollution Premium

Kai LI, Po-Hsuan HSU, Chi-Yang TSOU
This paper studies the implications of environmental pollution on the cross-section of stock returns. A long-short portfolio constructed from firms with high versus low toxic emission intensity within industry generates an average return of 5.52% per annum. To explain this pollution premium, we deve...
Keywords: Toxic emissions, Regime shift risk, uncertainty, Environmental regulation, Cross-section of stock returns
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2023

The Political Economy of Financial Regulation

Arkodipta SARKAR, Rainer HASELMANN, Shikhar SINGLA, Vikrant VIG
Increased interdependencies across countries have led to calls for greater harmonization of regulations to prevent local shock from spilling over to other countries. Using the rulemaking process of the Basel Committee on Banking Supervision (BCBS), this paper studies the process through which harmon...
Keywords: Financial Regulation, Harmonisation of rulemaking, Basel, Political economy, Regulatory Capture, Wat
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2021

The Political Economy of Anti-Bribery Enforcement

Bo LI, Lauren H. COHEN
This paper documents novel evidence on the influence of political incentives in the regulatory enforcement of foreign bribery. Using exogenous variation in the timing and geographic location of U.S. Congressional elections, we find that the probability of a Foreign Corrupt Practices Act (FCPA) enfor...
Keywords: Alternative Data, Satellite Imagery Data, Dividend Policy, Outcome Model, Substitute Model, Signaling Model, Corporate governance
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Economic Transformation of Asia, Senior Fellows/Fellows

|

May 2018

The Political Economy Consequences of China's Export Slowdown

Davin CHOR, Filipe CAMPANTE, Bingjing LI
We study how adverse economic shocks influence political outcomes in authoritarian regimes in strong states, by examining the 2013-2015 export slowdown in China. We exploit detailed customs data and the variation they reveal about Chinese prefectures’ underlying exposure to the global trade slowdo...
Keywords: Political economy, export slowdown, economic shocks
  • View
  • Download
  • Bookmark
  •    |