Annual Conference

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Sustainable and Green Finance

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May 2022

Using location- and time-specific fine particulate matter pollution (PM2.5) data in Beijing, we document that regulators are more likely to approve IPOs in China on hazy days. Our results are robust to specifications that control for listing firms’ characteristics, the composition of the IPO revie...
Keywords: Air Pollution, IPO, Regulatory Oversight, China, Cognitive Ability, Mood
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2017

Powerful politicians can interfere with the enforcement of regulations. As such, expected political interference can affect constituents’ behavior. Using rotations of Senate committee chairs to identify variation in political power and expected regulatory relief, we study powerful politicians’ e...
Keywords: Consumer credit, political interference, political power
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Annual Conference

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Real Estate and Urban Economics

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May 2022

We study the impact of politicians’ asset allocation on their economic bill proposals. Using a novel database of comprehensive financial disclosures of Congress members in South Korea, we find that the Congress members with more real estate assets in their portfolios are less likely to propose eco...
Keywords: political economy, economic bill proposal, politician’s asset allocations, real estate
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Annual Conference

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Economic Transformation of Asia

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May 2016

We demonstrate the importance of politician social networks for electoral outcomes. Using large-scale data on family networks from over 20 million individuals in 15,000 villages in the Philippines, we show that candidates for public office are disproportionately drawn from more central families and ...
Keywords: Politiian family networks, Electorial outcomes
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Annual Conference

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Corporate Finance

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May 2017

Every five years Chinese province heads compete for promotions to the national congress by demonstrating superior economic performance. We document pervasive cyclicality in corporate decision-making synchronized with these promotion cycles: taxes firm’s pay are 4.1% higher one year before national...
Keywords: Politically Motivated Corporate Decisions, Corporate Investments, Taxes, Agency, China
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