Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2022

We document characteristics-based return anomalies in a large cross-section (>4,000) of crypto assets. Cryptocurrency returns exhibit momentum in the largest-cap group, reversals in other size groups, and strong crypto value and network adoption premia, from which we derive two novel factors to a...
Keywords: Blockchain, Cryptocurrency, DeFi, Factor Models, Network Effect, Market Segmentation
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

We develop a dynamic general equilibrium model that describes the evolution of land prices and rental rates in a monocentric city. The model explores the implications of urban configurations that may differ in terms of the flexibility of the citys borders and land use, i.e., zoning and the presence ...
Keywords: Land prices, land supply, rental rates
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The peer review process typically has multiple evaluators. Too often editors rely on the Union Heuristic, which requires authors to perform all requested tests and extensions suggested by referees and editors, with results confirming the paper’s message. The Union Heuristic is easy, but has dysfu...
Keywords: Editing, Editorial process, Peer review, Research, Academic publishing, Innovation, Turnaround time, Refereeing, Union Heuristic, Intersection Heuristic, Up-or-out
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Webinar Series

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Capital Market Development: China and Asia

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Dec 2023

We conduct a field experiment to test four dividend theories. We enhance managers’ perception of investors’ agency concerns, investors’ risk preference, investors’ information demand, and investors’ tax status respectively in four treatment groups. We find that past payers receiving the ag...
Keywords: Dividend policy, Field experiment, Agency costs, Investor Relations
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Webinar Series

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Pandemic

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Jul 2020

Efficient resource allocation, during a possible new wave of the COVID-19 pandemic and similar public health crisis, requires understanding whether (and to which extent) COVID-related healthcare demand may displace or crowd-out non-COVID care. We study this crowd-out hypothesis using a large sample ...
Keywords: COVID-19, Healthcare Crowd-Out, Differences-In-Differences-In-Differences, Online Drug Retailing, Healthcare Capacity, Rx/OTC
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