Annual Conference

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Corporate Finance

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May 2018

Regional social capital and moral hazard in crowdfunding

Vesa PURSIAINEN, Tse-Chun LIN
We find a strong positive relationship between entrepreneurs' home-county social capital and their crowdfunding performance on Kickstarter. We exploit a quasi-experiment based on a Kickstarter rule change that strengthens entrepreneurs' obligation to provide backers with the promised rewards and fin...
Keywords: Crowdfunding, Social capital, trust, Kickstarter, Moral Hazard
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Apr 2023

Reducing Racial Disparities in Consumer Credit: Evidence from Anonymous Loan Applications

Tianyue RUAN, Poorya KABIR
Using a unique experiment of anonymizing online loan applications, we find that anonymous loan applications reduce racial disparities in access to credit. With names on applications, ethnic minority applicants are 10.6% less likely to receive online loan offers than otherwise identical ethnic majori...
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2014

Real Exchange Rates and Sectoral Productivity in the Eurozone

Martin BERKA, Charles ENGEL, Michael B. DEVEREUX
We investigate the link between real exchange rates and sectoral TFP for eurozone countries. We show that real exchange rate variation, both cross-country and time-series, closely accords with an amended Balassa-Samuelson interpretation, incorporating sectoral productivity shocks and a labor market ...
Keywords: Real Exchange Rates, Eurozone, productivity
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Real Estate Shocks and Financial Advisor Misconduct

Stephen G. DIMMOCK, William C. GERKEN, Tyson D. VAN ALFEN
We test whether household wealth shocks affect professional misconduct by financial advisors. We use a panel of advisors’ home addresses and examine within-advisor variation relative to other advisors who work at the same firm and live in the same ZIP code. We show that advisors increase miscon...
Keywords: Financial advisors, Brokers, Financial misconduct, Fraud, Household finance, Real estate, bankruptcy
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Annual Conference

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Senior Fellows/Fellows, Capital Market Development: China and Asia

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May 2013

Real Estate Collateral Value and Investment: The Case of China

Jing WU, Yongheng DENG, Joseph GYOURKO
Previous research on the United States and Japan finds economically large impacts of changing real estate collateral value on firm investment that amplified the business cycles of those countries. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the re...
Keywords: Housing and land markets, Collateral Channel, Financial constraints, Firm investment
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