Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2021

We provide evidence consistent with a “credit-line drawdown channel” to explain the large and persistent crash of bank stock prices during the COVID-19 pandemic. Stock prices of banks with large ex-ante exposures to undrawn credit lines and large ex-post gross drawdowns declined more, especially...
Keywords: Credit lines, liquidity risk, bank capital, loan supply, stress tests, Pandemic
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows, Pandemic

|

May 2020

This paper studies global stock market reactions to COVID-19 outbreaks caused by the virus SARS-CoV-2. The stock markets in countries that suffered from 2003 SARS diseases caused by a similar virus (SARS-CoV-1) react more quickly and strongly to the first COVID-19 outbreak in Wuhan China during late...
Keywords: COVID-19, Underreaction, Early Experience, stock market
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking, Senior Fellows/Fellows

|

May 2015

The sign of the correlation between equity returns and exchange rate returns can be positive or negative in theory. Using data for a broad set of forty-two countries, we find that exchange rate movements are in fact unrelated to differentials in country-level equity returns. Consequently, a trading ...
Keywords: Empirical Asset Pricing, exchange rates, Uncovered Equity Parity, International Asset Allocation
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2015

Taking advantage of a unique data set from China about individual auditors’ personal backgrounds, we examine the factors that affect auditors’ demotion and promotion outcomes. We find that ability, accounting knowledge, and on-the-job performance all matter in auditors’ demotions and promotion...
Keywords: auditors, promotion, demotion, gender, China
  • View
  • Download
  • Bookmark
  •    |   

Commentaries

|

2020, Pandemic

  • View
  • Download
  • Bookmark
  •    |