Annual Conference

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Investment Finance

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May 2017

Persistent Blessings of Luck: Theory and an Application to Venture Capital

Lin William CONG, Yizhou XIAO
Persistent performance in venture capital is routinely interpreted as evidence for skill. We present a dynamic model of delegated investment with endogenous fund heterogeneity and deal flow, which generates performance persistence without skill differences and predicts mean reversion in long-term pe...
Keywords: contracting, Deal Flows, Delegated Investment, Entrepreneurial Finance, Managerial Skill, Moral Hazard, private equity, Venture Capital
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Annual Conference

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Specialty Conference

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May 2021

Perceived Precautionary Savings Motives: Evidence from FinTech

Michael WEBER, Francesco DACUNTO, Thomas RAUTER, Christoph SCHEUCH
We study the spending response of first-time borrowers to an overdraft facility and elicit their preferences, beliefs, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and reallocate spending from non-discretionary to discretionary goods...
Keywords: Digital Footprint, Beliefs, Bank Credit, Household Finance, Behavioral finance
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Annual Conference

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Investment Finance

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May 2024

Pension fund flows exchange rates and covered interest rate parity

Felipe ALDUNATE, Zhi DA, Borja LARRAIN, Clemens SIALM
Frequent, yet uninformed, market timing recommendations by a financial advisory firm generate significant flows for Chilean pension funds. These flows give rise to substantial changes in the Chilean foreign exchange due to the funds’ high allocation to international equities. Hedging by local bank...
Keywords: exchange rates, CIP deviations, Pension Funds, market efficiency
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Annual Conference

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Labour Economics

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May 2024

Peers Affect Personality Development

Xiaoyue SHAN, Ulf ZOLITZ
Do people around us influence our personality? We study this question with a field experiment where we randomly assign university students to study groups. We find personality spillovers along three dimensions: students become more conscientious when assigned to conscientious peers, more open-minded...
Keywords: personality, spillovers, field experiment, peer effects
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Annual Conference

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Corporate Finance

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May 2016

Peer Effects of Corporate Social Responsibility

Jie CAO, Xintong ZHAN, Hao LIANG
We investigate how firms react to their product-market peers’ commitment to and adoption of corporate social responsibility (CSR) using a regression discontinuity design approach. Relying on the passage or failure of CSR proposals by a narrow margin of votes during shareholder meetings, we find th...
Keywords: corporate social responsibility, peer effects, product markets, shareholder proposal, regression discontinuity
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