Annual Conference

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Accounting

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May 2019

Security Analysts and Capital Market Anomalies

Frank Weikai LI, Li GUO, K.C. John WEI
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

Scrambling for Dollars: International Liquidity, Banks and Exchange Rates

Charles ENGEL, Javier BIANCHI, Saki BIGIO
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

Scaling Up Sustainable Investment through Blockchain-based Project Bonds

Yushi CHEN, Ulrich VOLZ
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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Commentaries

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2020, Pandemic

Saving Lives versus Saving Livelihoods: Can Big Data Technology Solve the Pandemic Dilemma?

Kairong XIAO
This paper studies the effectiveness of big data technology in mitigating the economic and health impacts of the COVID-19 outbreak. I exploit the staggered implementation of contact-tracing apps called “health code” in 322 Chinese cities during the COVID-19 pandemic. Using high-frequency variati...
Keywords: big data, Coronavirus
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Rural-Urban Migration, Structural Transformation, and Housing Markets in China

Ping WANG, Yang TANG, Carlos GARRIGA, Aaron HEDLUND
This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a newly developed multi-sector heterogeneous agent equilibrium model that features migration and a rich housing market structure with mortgages. U...
Keywords: Migration, Structural Transformation, Housing.
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