Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2016

The effect of anti-corruption campaign on shareholder value in a weak institutional environment: Evidence from China

Bin KE, Na LIU, Song TANG
We examine the impact of Chinese President Xi Jinping’s anti-corruption campaign on shareholder value of publicly listed Chinese firms. We find that the anticorruption campaign reduces the profitability of the firms that sell luxury goods and services. The anti-corruption campaign helps reduce exc...
Keywords: China, anti-corruption regulation, SOE, firm performance, event study
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Annual Conference

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Accounting

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May 2019

The effect of accounting for income tax uncertainty on tax-deductible loss accruals for private insurers

Travis CHOW, Jeffrey NG, Jiang CHENG, Tzu-Ting LIN
Little is known about the effects of accounting regulation on private insurers. In this paper, we examine the uniqueness of the tax deductibility of insurers' loss accruals. We find that private insurers' overstatement of loss accruals in tax planning significantly decreases after adoption of the St...
Keywords: Loss provisions, Corporate taxation, Insurance companies, SSAP 101
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Annual Conference

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Investment Finance

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May 2023

The Economics of Mutual Fund Marketing

Wenxi JIANG, Jane CHEN, Mindy Xiaolan ZHANG
We uncover a significant relationship between the persistence of marketing employment strategy and fund performance in the U.S. mutual fund industry. Using regulatory filings, we show a large heterogeneity in fund companies’ marketing employment share, which refers to the fraction of employees dev...
Keywords: Marketing Employment Share, Persistence Marketing, Bayesian Persuasion, Costly Learning
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

The Economics of Hedge Funds

Neng WANG, Jinqiang YANG, Yingcong LAN
Hedge fund managers trade off the benefits of leveraging on the alpha-generating strategy against the costs of inefficient fund liquidation. In contrast to the standard risk-seeking intuition, even with a constant-return-to-scale alpha-generating strategy, a risk-neutral manager becomes endogenously...
Keywords: high-water mark (HWM), alpha, management fees, incentive fees, liquidation risk, new money flow
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

The Economics of Debt, Bailouts and the Eurozone Crisis

Pierre-Olivier GOURINCHAS, Philippe MARTIN
Despite a formal 'no-bailout clause', we estimate significant net present value transfers from the European Union to Cyprus, Greece, Ireland, Portugal and Spain, ranging from roughly 0.5% (Ireland) to 43% (Greece) of 2011 output during the recent Eurozone crisis. We propose a model to analyze and un...
Keywords: sovereign debt, Bailouts, Eurozone Crisis
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