Specialty Conference

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Specialty Conference

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Jan 2017

Keywords: shadow banking, Financial stability, macroprudential regulation, macroeconomic policy
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Members' Digest

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2018

Predicted stock issuers (PSIs) are firms with expected “high-investment and low-profit” (HILP) profiles that earn unusually low returns. We carefully document important features of PSI firms to provide new insights on the economic mechanism behind the HILP phenomenon. Our results show top-PSI fi...
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

We investigate the role of intermediary ownership form in providing reliable financial services to consumers. Exploiting a novel dataset of the universe of consumer complaints to state regulators, we find significant differences between stock and mutual insurers in the number of complaints made abou...
Keywords: Intermediary Transparency, Insurance, Consumer Financial Protection
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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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