Senior Fellows/Fellows

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Senior Fellows/Fellows

Stock Market Overvaluation, Moon Shots, and Corporate Innovation

David HIRSHLEIFER, Siew Hong TEOH, Ming DONG
We test how market overvaluation affects corporate innovation. Estimated stock overvaluation is very strongly associated with measures of innovative inventiveness (novelty, originality, and scope), as well as R&D and innovative output (patent and citation counts), and these relationships are hig...
Keywords: stock market misvaluation, innovation, R&D, patents, behavioral finance, market efficiency
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Stock Market Milestones and Mortgage Demand: Evidence from US

Sumit AGARWAL, Changcheng SONG, Sergio CORREIA, Bernardo MORAIS
We document that after the stock market index reaches a milestone number (round 1000), more households apply mortgage for home purchase, and they are more likely to apply mortgage for second homes compared to non-milestone historical maxima. The loan amount also increases after the milestone event. ...
Keywords: Stock market wealth, Rounding number bias, mortgage
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Webinar Series

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Pandemic

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Jul 2020

Stimulating Consumption at Low Budget: Evidence from a Large-scale Policy Experiment amid the COVID-19 Pandemic

Shu CHEN, Qiao LIU, Qiaowei SHEN, Zhenghua LI
We use a novel panel with detailed transaction records of more than one million de-identified individuals to study the effect of a large-scale Chinese government-issued digital coupon program on consumer spending. At the core of this stimulus program are a set of salient features that drive the marg...
Keywords: COVID-19, fiscal stimulus program, MPC, policy experiment, Chinese digital coupon, behavioral economics
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AMPF Papers

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Policy Note

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May 2024

Still Too Big to Fail?

Beatrice WEDER DI MAURO
After a decade of reforms aimed at ensuring no bank is too-big-to-fail, the collapse of Credit Suisse served as the first real-life test of this framework. A resolution following the international and Swiss too-big-to-fail framework would have involved recapitalizing Credit Suisse by bailing in all ...
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Still the World’s Safe Haven? Redesigning the U.S. Treasury Market After the COVID-19 Crisis

Darrell DUFFIE
I review the functionality of the secondary market for U.S. Treasuries in March 2020, when the Covid-19 crisis triggered investor flows that overwhelmed intermediaries. Although the Fed was able to largely restore market liquidity through its unprecedented rate of Treasury purchases and other action...
Keywords: COVID-19, Pandemic, US Treasury Market
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