Annual Conference

|

Corporate Finance

|

May 2018

Panda Games: Corporate Disclosure in the Eclipse of Search

Kemin WANG, Xiaoyun YU, Bohui ZHANG
We show that firms strategically alter their disclosure behaviors when the channel to transmit information is severed. We conduct textual analysis and exploit an exogenous event—Google’s 2010 surprising withdrawal from mainland China, which significantly hampers domestic investors’ ability to ...
  • View
  • Download
  • Bookmark
  •    |   

Webinar Series

|

Capital Market Development: China and Asia

|

Feb 2022

Ownership Networks and Firm Growth: What Do Forty Million Companies Tell Us About the Chinese Economy?

Junhui CAI, Xian GU, Jun QIAN, Linda ZHAO, Wu ZHU, Franklin ALLEN
The finance–growth nexus has been a central question in understanding the unprecedented success of the Chinese economy. Using unique data on all the registered firms in China, we build extensive firm-to-firm equity ownership networks. Entering a network and increasing network centrality leads to h...
Keywords: Ownership network, Equity capital, firm growth, Bank Credit
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2021

Outsourcing Climate Change

Hao LIANG, Rui DAI, Rui DUAN, Lilian NG
This paper exploits newly available information on firms' direct (own production) and indirect (supplier-generated) carbon emission intensities and transaction-level imports to conduct an in-depth analysis of whether and how U.S. firms address climate change. We find robust evidence that U.S. firms'...
Keywords: Outsourcing, Emissions, Import, Pricing and Welfare Implications
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2019

Organized Crime and Firms - Evidence from Italy

Stefan ZEUME, Pablo SLUTZKY
We exploit staggered municipality-level anti-mafia enforcement actions over the1995-2015 period to study the effect of organized crime on firms. At the municipalitylevel, we find that as the influence of organized crime weakens, competition andinnovative activity increase. At the firm level, existin...
Keywords: Organized Crime, Corruption, Competition, Cartel enforcement, Collusion, Money laundering
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2016

Option Return Predictability

Bing HAN, Jie CAO, Qing TONG, Xintong ZHAN
We uncover new return predictability in the cross-section of delta-hedged equity options. Expected returns to writing delta-hedged calls are negatively correlated with stock price, profit margin and firm profitability, but positively correlated with cash holding, cash flow variance, new shares issua...
Keywords: Cross-section of equity options, delta-hedged options, return predictability, stock characteristics, option factor model
  • View
  • Download
  • Bookmark
  •    |