Annual Conference

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Real Estate and Urban Economics

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May 2024

We study the impact of the 1930s HOLC residential security maps on experienced segregation based on cell phone records which track visits out of and into home neighborhoods. We compare adjacent neighborhoods, one of which was assigned a lower grade for creditworthiness than the other. We use a sampl...
Keywords: Redlining, access to credit, experienced segregation, intergroup exposure, within-city mobility
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Annual Conference

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Trade, Growth and Development

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May 2023

With quantity-based innovation targets and subsidy programs launched since the mid-2000s, China has seen a patent surge, accounting for 46% of the world’s total patent applications in 2020; however, the overall patent quality has been steadily declining over time. This paper develops a Schumpeteri...
Keywords: Heterogeneous Innovations, Quantity-Based Subsidies, Human Capital
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

We examine the information value of sovereign credit rating reports issued by Moody’s in the sovereign credit default swaps (CDS) markets across 70 countries from 2003 to 2013. We find that the negative linguistic tone in the reports contains new information beyond credit rating actions. We code t...
Keywords: Eurozone Sovereign Debt Crisis, Linguistic Tone, Naïve Bayesian Algorithm;
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2014

We test if Standard & Poor's (S&P) credit rating reports contain valuable information beyond credit ratings. We find that positive (negative) linguistic tone in the reports are significantly related to positive (negative) abnormal returns at the time of downgrade announcement and the tone ca...
Keywords: Credit Ratings, Credit Rating Agencies, Credit Rating Reports, Linguistic Tone
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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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