Annual Conference

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Sustainable and Green Finance

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May 2024

Opening the Brown Box: Production Responses to Environmental Regulation

Rebecca DE SIMONE, S. Lakshmi NAARAAYANAN, Kunal SACHDEVA
We study production responses to emission capping regulation on manufacturing firms. We find that firms reduced their pollution as they transitioned from self-generated to externally sourced electricity, shifted toward producing less coal-intensive products, and increased their abatement expenditure...
Keywords: Abatement, Firm Production, Profitability, Environmental Regulation
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Annual Conference

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Household Finance

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May 2023

Online Learning and the Education Gap: A Digital Footprint Approach

Yongheng DENG, Xinfei HUANG, Teng LI
While online learning has become more common including during the Covid-19 period, its effect on the education gap between rich and poor children is still unclear. Using school closures (compulsory online education) across 21 cities in Southern China during the Covid-19 pandemic as a natural experim...
Keywords: School closures, education gap, family wealth, mobile Apps, time allocation
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2014

One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?

Yongheng DENG, Shang-Jin WEI, Xin LIU
We aim to make two contributions to the literature on the effects of transaction costs on financial price volatility. First, by augmenting a double differencing approach with a research design with three ingredients (a common set of companies simultaneously listed on two stock exchanges, binding cap...
Keywords: Tobin tax, Transaction costs, price volatility, Chinese stocks
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Annual Conference

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Economic Transformation of Asia

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May 2015

One Country, Two Systems: Evidences on Retirement Patterns in China

John GILES, Xiaoyan LEI, Yafeng WANG, Yaohui ZHAO
This paper documents the patterns and correlates of retirement in China using a nationally representative survey, the China Health and Retirement Longitudinal Study (CHARLS). After documenting stark differences in retirement ages between urban and rural residents, the paper shows that China's urban ...
Keywords: Retirement, aging, pensions, urban-rural gap, China, CHARLS
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Senior Fellows/Fellows

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Senior Fellows/Fellows

One Brief Shining Moment(um) - Past Momentum Performance and Momentum Reversals

David HIRSHLEIFER, Usman ALI, Kent DANIEL
Motivated by behavioral theories, we test whether recent past performance of the momentum strategy (Past Momentum Performance—PMP) negatively predicts the per-formance of stale momentum portfolios. Following periods of top-quintile PMP, mo-mentum portfolios exhibit strong reversals 2-5 years after...
Keywords: Momentun strategy, Value-weighted trading strategy
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