Senior Fellows/Fellows

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Senior Fellows/Fellows, 2017

The Impact of Sin Culture: Evidence from Earnings Management and Alcohol Consumption in China

Hong ZHANG, Massimo MASSA
We study how secular culture affects firm behavior when formal institutions fall short. We find that firms more exposed to alcohol-related sin culture exhibit more earnings management and lean their operations more toward local business partners. Tests using latitude and snow/temperature as instrume...
Keywords: Culture, Earnings management, Alcohol, Geographic shocks
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Annual Conference

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Investment Finance

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May 2025

The Impact of Introducing a (Nearly) Redundant Security: Evidence from Malaysian Corporate Bonds

Antje BERNDT, Jean HELWEGE, Amanda LIU, Frank PACKER
We examine the case of redundant securities in Malaysia, where traditional corporate bonds and non-conventional (NC) Islamic bonds are issued. Because religious investors only buy Islamic bonds and non-religious (NR) investors are indifferent between the two types of bonds, if the issuance costs are...
Keywords: redundant securities, corporate bonds, bond liquidity, Islamic bonds, Malaysia
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Annual Conference

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Household Finance

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May 2025

The Impact of Finfluencers on Retail Investment

Isaiah HULL, Yingjie QI
We examine the impact of financial influencers (“finfluencers”) on retail investment with detailed data from actual investment decisions in four Nordic countries. Using an instrument that randomly assigns influencers to followers, we find the following: (1) Investors tend to follow influencers w...
Keywords: Social network, retail trading, financial influencers
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Commentaries

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2020, Pandemic

The Impact of COVID-19 on Asia and the Future of Global Supply Chains

Bert HOFMAN
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

The I Theory of Money

Markus K. BRUNNERMEIER, Yuliy SANNIKOV
A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside money, exactly when money demand rises. The resulting Fisher ...
Keywords: Monetary Economics, (Inside) Money, Endogenous Risk Dynamics;
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