Annual Conference

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Household Finance

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May 2023

The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown

Jacelly CESPEDES, Carlos PARRA, Clemens SIALM
Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage during Chapter 13 bankruptcy until the Supreme Court disallowed this practice in 1993. We investigate the impact of mortgage cramdown on household distress exploiting the random assignment of cases to judge...
Keywords: Debt Relief, Principal Reduction, Debt Overhang, Foreclosures, Consumer Bankruptcy, Housing Policies
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

The Effect of New Information Technologies on Asset Pricing Anomalies

David HIRSHLEIFER, Liang MA
We test and compare the effects of introduction of two new financial information technologies, EDGAR and XBRL, on well-known asset pricing anomalies often attributed to mispricing. EDGAR facilitates easier access to public accounting information about public firms; XBRL reduces the cost of processin...
Keywords: financial information technologies, anomalies, limited attention, limited processing power, stacked difference-in-differences, EDGAR, XBRL
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Annual Conference

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Accounting

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May 2024

The Effect of Mandatory Carbon Disclosure Along Global Supply Chains

Jin DENG, Mingyi HUNG, Shiheng WANG
We examine whether and how mandatory carbon disclosure affects the transmission of carbon emissions through a firm’s global supply chain. Our analysis uses the 2013 UK carbon disclosure regulation that requires the reporting of Scopes 1 and 2 emissions (from firms’ own activities and purchased e...
Keywords: Mandatory carbon disclosure, Supply chains, Greenhouse gas emissions
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Annual Conference

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Labour Economics

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May 2025

The Effect of House Prices on Fertility: Evidence from House Purchase Restrictions

Ziqian LIU, Yu ZHANG
We study the causal effect of house price increases on China’s great birth rate decline since 2016, as well as on the country’s marriage market and private educational investments. Using quasi-experimental increases in urban house prices in nearby unregulated prefectures—driven by capital spil...
Keywords: house prices, fertility choice, marriage, urbanization, human capital investment
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Annual Conference

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Sustainable and Green Finance

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May 2024

The Effect of Carbon Pricing on Firm Performance

Tinghua DUAN, Frank Weikai LI, Hong ZHANG
Carbon pricing is considered as one of the most cost-effective ways to reduce carbon emissions. However, a major block to pricing carbon pollution is the concern about the economic costs. This paper examines the impacts of carbon pricing initiatives on the operating performance and market value of p...
Keywords: Climate change, carbon pricing, carbon tax, emission trading systems, carbon premium, distributional effects
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