Annual Conference

|

Corporate Finance

|

May 2017

The Dollar Profits to Insider Trading

Peter CZIRAKI, Jasmin GIDER
This paper studies insider trading quantities and dollar profits to measure the benefits insiders extract from their superior information. Dollar profits are economically small for a typical insider, the median insider earning $464 per year. The correlation between dollar profits and percentage retu...
Keywords: insider trading, trading profits, Corporate governance, executive compensation
  • View
  • Download
  • Bookmark
  •    |   

AMPF Papers

|

Commissioned Paper

|

May 2019

The Dollar Hegemon? Implications for Policy Makers

Pierre-Olivier GOURINCHAS
This paper reviews the central role of the US dollar in the global trade, financial and monetary systems. The dominance of the US dollar as an invoicing, issuance, anchor and reserve currency has increased over time, especially so and somewhat paradoxically since the end of the Bretton Woods system....
Keywords: Pierre-Olivier Gourinchas (University of California, Berkeley)
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Trade, Growth and Development

|

May 2022

The Distributional Impacts of Transportation Networks in China

Yang TANG, Lin MA
This paper evaluates the dynamic and distributional impacts of transportation networks in China. We argue that the quality of roads and railroads vary substantially over time and space, and therefore binary measures of connectivity in the literature are inadequate. Instead, we construct a new panel ...
Keywords: regional trade, Migration, welfare, economic geography
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2018

The Dark Side of Technological Progress? Impact of E-Commerce on Employees at Brick-and-Mortar Retailers

Sudheer CHAVA, Alexander OETTL, Manpreet SINGH, Linghang ZENG
Using an employer-employee payroll dataset for approximately 2.6 million retail workers, we analyze the impact of the staggered rollout of a major e-commerce retailer’s fulfillment centers on the income and employment of workers at geographically proximate brick-and-mortar retail stores. We find t...
Keywords: Technological progress, E-Commerce
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2023

The Cryptocurrency Participation Puzzle

Ran DUCHIN, David H. SOLOMON, Jun TU, Xi WANG
We show that ongoing zero portfolio weights in cryptocurrency are surprisingly difficult to generate in a standard Bayesian portfolio theory framework. With ten years of prior data, equity market investors would need very pessimistic priors on mean returns to justify never having bought cryptocurren...
Keywords: Cryptocurrency, Bitcoin, Bayesian Portfolio Theory, Investments, Market Participation
  • View
  • Download
  • Bookmark
  •    |