Annual Conference

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Accounting

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May 2024

Navigating Emission Reduction: The Interaction of Disclosure Regulation and Institutional Support in China

Serene Qian HUANG, Hai LU, Yue ZHANG
We examine the impact of a disclosure regulation on corporate carbon emissions and the critical factors that influence its efficacy. In 2021, the Chinese Securities Regulatory Commission (CSRC) introduced a disclosure regulation which requires all public firms to create and report their ESG activiti...
Keywords: disclosure regulation, carbon emissions, ESG, real effects
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Annual Conference

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Accounting

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May 2017

Naughty Firms, Noisy Disclosure

Guoman SHE, Alminas ZALDOKAS, Thomas BOURVEAU
We empirically study how collusion in the product markets affects firms’ financial disclosure strategies. By exploiting exogenous variations to the costs of illegal pricefixing, we find that U.S. firms start sharing more detailed information in their financial disclosure about their customers, con...
Keywords: Voluntary Disclosure, Antitrust Enforcement, Collusion, Tacit Coordination
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Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2022

Natural Barriers and Policy Barriers

Shang-Jin WEI, Yang JIAO
This paper investigates whether “natural” trade barriers of a country due to geography and other factors outside the country’s control stimulate more or less policy barriers such as tariffs. Our theory predicts that the politician’s relative weight on private benefits over social welfare in ...
Keywords: Natural Barriers, Institutional Quality, Trade Policy, China Shock, Reciprocated Unilateralism
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AMPF Papers

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Commissioned Paper

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May 2023

Natural and Neutral Real Interest Rates: Past and Future

Maurice OBSTFELD
Economists posit a critical real rate of interest below which the monetary policy setting is inflationary and above which it is deflationary. For roughly a decade after the Great Financial Crisis, many economists linked deflationary pressures to the difficulty central banks encountered in attaining ...
Keywords: interest rate, deflation, inflation, global factors, market indicators
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Annual Conference

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Corporate Finance

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May 2023

Nationalistic Labor Policies Hinder Innovation

Francesco DACUNTO, Hengyi HUANG, Michael WEBER, Jin XIE, Liu YANG
Hiring restrictions for high-skilled foreign nationals hinder domestic firms’ production of cutting-edge innovation. We document this fact using the Employ American Workers Act (EAWA), which banned US financial institutions participating in the Troubled Asset Relief Program (TARP) from hiring new ...
Keywords: FinTech, Cybersecurity, Labor and Finance, Financial Regulation, IO and Finance, High-skilled workforce, Immigration, TARP
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