Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

State-Run Banks, Money Growth, and the Real Economy

Randall MORCK, M. Deniz YAVUZ, Bernard YEUNG
We find lending by state controlled banks to be significantly more associated with monetary policy than is lending by private sector banks. At the country-level, we further find monetary policy to be significantly closely linked to aggregate loan growth and aggregate fixed capital investment growth ...
Keywords: ownership structure, loan growth, capital investment, monetary policy, banking
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

State-Level Economic Policy Uncertainty

Steven J. DAVIS, Scott R. BAKER, Jeffrey A. LEVY
We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (EPU-S), one that captures national and international sources ...
Keywords: Policy uncertainty, elections and uncertainty, COVID-19 pandemic, state-level economic performance, unemployment
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2015

State Capitalism vs. Private Enterprise

Alexander LJUNGQVIST, Donghua CHEN, Dequan JIANG, Haitian LU, Mingming ZHOU
We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities, sta...
Keywords: State capitalism, business groups, internal capital markets, private enterprise
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Annual Conference

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Investment Finance

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May 2023

Staking, Token Pricing, and Crypto Carry

Lin William CONG, Zhiheng HE, Ke TANG
The phenomenal rise of cryptocurrencies and decentralized finance have prominently featured “staking”: Besides offering a convenience yield for transactions as digital media of exchange, tokens are frequently staked (and slashed) for base-layer consensus generation or for incentivizing economic ...
Keywords: Blockchain, DeFi, Proof-of-Stake, Yield Farming, Tokenomics
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2021

Stakes and Mistakes

Abhiroop MUKHERJEE, Kasper MEISNER NIELSEN, Steffen ANDERSEN
We provide causal evidence on one of the most prominent critiques of behavioral finance – that most of the evidence in psychology, which underpins the field, comes from experiments with little at stake for participants. How far do behavioral biases – leading to investment mistakes – get attenu...
Keywords: Behavioural finance, psychology, behavioural biases, Investment
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