Annual Conference

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Economic Transformation of Asia, Capital Market Development: China and Asia

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May 2019

This paper studies entrepreneurship and the creation of new firms in China through the lens of serial entrepreneurs, i.e. entrepreneurs who establish more than one firm, and their differences with non-serial entrepreneurs. Drawing on data on the universe of all firms in China, we document key facts ...
Keywords: Serial Entrepreneurship, Entrepreneurship, Capital Distortions
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Annual Conference

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Accounting

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May 2022

Firms with correlated fundamentals often issue reports sequentially, leading to information spillovers. The theoretical literature has investigated multi-firm reporting, but only when firms report simultaneously. We examine the implications of sequential reporting, where firms aim to maximize their ...
Keywords: Disclosure, information spillovers, reporting, manipulation, bias
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Annual Conference

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Accounting

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May 2019

We examine the value and efficiency of analyst recommendations through the lens of capital market anomalies. We find that analysts do not fully use the information in anomaly signals when making recommendations. Specifically, analysts tend to give more favorable consensus recommendations to stocks c...
Keywords: Analysts, Analyst recommendations, anomalies, mispricing, market efficiency
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

We develop a theory of exchange rate fluctuations arising from financial institutions’ demand for dollar liquid assets. Financial flows are unpredictable and may leave banks “scrambling for dollars.” Because of settlement frictions in interbank markets, a precautionary demand for dollar reserv...
Keywords: exchange rates, liquidity premia, monetary policy
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Specialty Conference

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Specialty Conference

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Sep 2020

This paper explores options for mobilizing domestic savings through fintech solutions to scale up sustainable investment. Most developing and emerging economies face an urgent need to scale up sustainable finance for low-carbon and climate-resilient infrastructure investment, yet underdeveloped capi...
Keywords: sustainable investment, FinTech, Blockchain
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