Annual Conference

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Accounting

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May 2023

When Machine Comes to Town: Fund Analysts’ Performance with Artificial Intelligence

Grace Haoqing FAN, Xi KANG
How does the introduction of artificial intelligence (AI) technology affect the performance of mutual fund analysts? Using a unique setting in which AI was introduced to generate ratings for previously uncovered mutual funds in a large financial research company, we find that the analyst ratings’ ...
Keywords: artificial intelligence, machine learning, mutual fund, analyst performance, social connection, benchmark information
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

When is foreign exchange intervention effective? Evidence from 33 countries

Lucio SARNO, Marcel FRATZSCHER, Oliver GLOEDE, Lukas MENKHOFF, Tobias STÖHR
This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the...
Keywords: Foreign exchange intervention, exchange rate regimes, effectiveness measures, Communication, capital controls
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Annual Conference

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Accounting

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May 2025

When Home Pride Meets Professional Integrity: Journalists’ Strategic Reporting about Hometown Firms under Misconduct Investigations

Jiaxing YOU, Qian LIU, Libin QIN, Jingjing XIA
This study investigates how journalists navigate conflicting social identity demands, specifically the tension between hometown loyalty and professional objectivity, when they report on firms facing financial misconduct investigations. We find that, following the investigation announcement, journali...
Keywords: identity conflicts, journalists, firm misconduct, reputation, media tone
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

Whatever it takes: The Real Effects of Unconventional Monetary Policy

Viral V. ACHARYA, Tim EISERT, Christian EUFINGER, Christian HIRSCH
Launched in Summer 2012, the European Central Bank’s (ECB) Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic...
Keywords: monetary policy, Zombie Lending, Banking sector, Cash reserves
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Annual Conference

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Investment Finance

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May 2023

What's in Investors' Information Sets?

Alberto G. ROSSI, Hagit LEVY, Ron SHALEV, Emanuel ZUR
We exploit a unique dataset to study how the information sets of retail and institutional investors evolve over time and how changes in investors’ information sets relate to stock price dynamics. Changes in stock following are positively related to future stock returns at horizons shorter than one...
Keywords: Investments , attention, information set, news
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