Webinar Series

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Capital Market Development: China and Asia

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Jun 2022

On the Rise of Payment Firms

Manju PURI, Valentin BURG, Tobias BERG, Jan KEIL
Payment firms have experienced an exceptional growth over the past decade, with payment firms’ market capitalization now exceeding the combined market capitalization of all banks in the U.S. We show that stock returns of payment firms are strongly correlated with stock returns of ECommerce firms. ...
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2019

On the Rise of FinTechs - Credit Scoring using Digital Footprints

Manju PURI, Ana GOMBOVIC, Valentin BURG, Tobias BERG
We analyze the information content of the digital footprint – information that people leave online simply by accessing or registering on a website – for predicting consumer default. We show that even simple, easily accessible variables from the digital footprint match the information content of ...
Keywords: FinTech, Lending, Unbanked Households, Privacy, Credit Bureau Scores
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

On the Persistence of Political and Economic Institutions in Banking

Sharon POCZTER
This paper analyzes quantitatively whether a particular economic institution often underpinning political regime change – the influence of political connections in banking - persists over structurally different political institutions. While theory suggests that economic institutions persist over p...
Keywords: Economic Institutions, Political Institutions, banking
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Annual Conference

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Accounting

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May 2023

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul H. DECAIRE, Denis SOSYURA
Using micro data on managerial expenditures, we uncover heuristics in capital budgets, such as nominal rigidity, anchoring, and sharp reset deadlines. Such heuristics engender managerial opportunism and erode investment efficiency. Managers with a budget surplus increase investment sharply before bu...
Keywords: capital budgeting, governance, fallacy, managerial heuristics
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Nowcasting Economic Activity with Mobility Data

Koji TAKAHASHI, Tomohiro SUGO, Kohei MATSUMURAZ, Yusuke OH
In this paper, we develop high frequency indexes to measure sales in service industries and production activity in the manufacturing industry by using GPS mobility data from mobile applications. First, focusing on the possibility that the number of customers in service industries can be estimated us...
Keywords: mobility data, clustering, nowcasting
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