Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

We examine the effect of competition shocks induced by major industry-level tariff cuts on forced CEO turnover. Both the likelihood of forced CEO turnover and its sensitivity to performance increase. These effects are stronger for firms exposed to greater predation risk and with products more simila...
Keywords: Product Market Competition, Forced CEO Turnover, Corporate governance
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Annual Conference

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Economic Transformation of Asia

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May 2016

We examine the effects of shocks to aggregate productivity, foreign output demand, government expenditures, and demand for foreign liquidity on dynamics of products and exports of heterogeneous firms. The framework is motivated by open economy general equilibrium models of Bilbie, Ghironi and Melitz...
Keywords: Product Adding, Product Dropping, Aggregate and Idiosyncratic Productivity Shocks, Foreign Demand Shocks, Exports, Real Exchange Rates
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2019

We show how the standard PE compensation contract is used to create incentives for GPs to utilize leverage so that LP investors can meet their return targets. A theory of fund capital structure is developed in which investors trade off alpha with costs of financial distress. We then show how carried...
Keywords: private equity, Investment, pension fund, carried interest
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2019

Mutual fund families set and report values of their private startup holdings, which affect the fund net asset value (NAV) at which investors buy/sell fund shares. We test three hypotheses related to the valuation practice: (i) information cost/access, (ii) litigation risk, and (iii) strategic NAV ma...
Keywords: Mutual Funds, Venture Capital, Private valuation, Stale prices, Financial fragility
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Homeowners’ insurance provides households financial protection from climate losses. To improve access and affordability, state regulators impose price controls on insurance companies. Using novel data, we construct a new measure of rate setting frictions for individual states and show that differe...
Keywords: regional business cycles, dynamic spatial equilibrium, credit conditions, Mortgages, first-time buyers, home ownership, house prices, subsidies, Millennials."
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