Annual Conference

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Investment Finance

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May 2016

Asset prices remain depressed for years following mutual fund fire sales, but little is known about the causes of these price drops. We show that asymmetric information generates price pressure during fire sales. We separate trades into expected trades, which assume fund managers scale down their po...
Keywords: adverse selection, asymmetric information, fire sales, information economics, institutional investors, slow moving capital
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Annual Conference

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Accounting

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May 2019

We examine the information content of cost behavior components in firms’ asymmetric cost function, namely, aggregate-level elasticities of costs with respect to sales increases vs. decreases. We show that the persistence of the elasticity of costs is higher for sales increases than for sales decre...
Keywords: Cost behavior, sticky costs, labor flows
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Annual Conference

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Accounting

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May 2022

We study the dynamic transmission of monetary policy shocks into corporate profitability. We find an initial negative association between monetary policy shocks and corporate revenues and expenses. The revenue response is consistent with a consumer substitution effect, while the expense response is ...
Keywords: Monetary Policy, Consumption, Investment, Revenues, Expenses, Earnings
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Estimates of the long-term annual cost of global warming lie in the range of 0.2-2% of global income. This high cost has generated widespread political concern and commitment as manifested in the Paris agreements of December, 2015. Analyses in this paper suggest that the expected annual cost of pand...
Keywords: COVID-19, Pandemic, Inclusive cost, risk
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Directors are more likely to obtain additional directorships or be promoted if the CEO and peer directors of their current board are well-connected. The impact of CEO and peer director connections is stronger for additional appointments and promotions at firms in the CEO’s and peer directors’ ne...
Keywords: board of directors, network connections, director labor market, CEO rolodex
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