Commentaries

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2020, Pandemic

The COVID-19 Pandemic Exposes Asian Banks’ Vulnerability to US Dollar Funding

Cyn-Young PARK, Peter C. ROSENKRANZ
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Annual Conference

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Accounting

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May 2025

The Costs of Silence: The Impact of Misinformation Regulation on Finfluencers and Corporate Information Environment

Zhenghai CHI, Bin KE
Using the unique context of social media censorship in China, we investigate how misinformation regulation on investor-focused social media platforms influences the behavior of platform influencers (i.e., finfluencers) and its subsequent effects on capital markets. Our findings reveal that misinform...
Keywords: Misinformation, Social Media Censorship, Information in Digital Spaces, Corporate Information Environment
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

The Cost of the COVID-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending

Olivier COIBION, Yuriy GORODNICHENKO, Michael WEBER
We study how the differential timing of local lockdowns due to COVID-19 causally affects households’ spending and macroeconomic expectations at the local level using several waves of a customized survey with more than 10,000 respondents. About 50% of survey participants report income and wealth lo...
Keywords: Subjective expectations, consumer spending, Labor market, Employment, COVID -19, Surveys
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Webinar Series

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Pandemic

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May 2020

The Cost of Privacy: Welfare Effects of the Disclosure of COVID-19 Cases

Chang-Tai HSIEH, David ARGENTE, Munseob LEE
South Korea publicly disclosed detailed location information of individuals that tested positive for COVID-19. We quantify the effect of public disclosure on the transmission of the virus and economic losses in Seoul. We use detailed foot-traffic data from South Korea’s largest mobile phone compan...
Keywords: COVID-19, Privacy, Welfare effects
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Annual Conference

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Sustainable and Green Finance

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May 2022

The Cost of ESG Investing

Laura LINDSEY, Seth PRUITT, Christoph SCHILLER
Even against increasing interest in socially responsible investing mandates, we find that implementing ESG strategies can cost nothing. Modifying optimal portfolio weights to achieve an ESG-investing tilt negligibly affects portfolio performance across a broad range of ESG measures and thresholds. T...
Keywords: ESG, IPCA, tangency portfolio, portfolio tilt, responsible investing, sustainable investing
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