Senior Fellows/Fellows

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Senior Fellows/Fellows

Microfinance and Entrepreneurship at the Base of the Pyramid

Pushan DUTT, Jasjit SINGH
There continues to be substantial debate on whether and how providing inclusive access to finance through microcredit promotes entrepreneurship-led development at the base of the pyramid. We contribute to this literature by examining differences in household-level outcomes associated with microfinan...
Keywords: Necessity Entrepreneurship, Microenterprise, Microfinance, Microcredit, Base of the Pyramid (BOP), Emerging Economies, economic development, Access to Finance
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Dec 2021

Merger Analysis in the App Economy: An Empirical Model of Ad-Sponsored Media

Kohei KAWAGUCHI, Toshifumi KURODA, Susumu SATO
In the mobile app market, multiple monetizing policies such as paid and free ad-sponsored models co-exist. This paper proposes a novel model of ad-sponsored media with endogenous business model choice, that is applicable to the mobile app industry. The model defines an equilibrium over consumers’ ...
Keywords: Merger simulation, market definition, SSNIP, antitrust policy, ad-sponsored media, platform transaction fee, app economy, distributed word representation.
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2019

Measuring Mispricing in the Global Market A New Perspective

Hong ZHANG, Massimo MASSA, Yang (Gloria) YU
The determination of asset prices and the identification of related economic grounds are considerately more intricate in the global market due to the potential market segmentation and frictions. In this paper, we propose and test a novel intuition that cross-country mispricing can be identified when...
Keywords: mispricing, Segmented markets, ADR
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Annual Conference

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Labour Economics

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May 2025

Measuring Labor Market Match Quality with Large Language Models New!

Yi CHEN, Hanming FANG, Yi ZHAO, Zibo ZHAO
We propose a novel method to assess labor market match quality using large language models (LLMs). Our approach tasks LLMs with the role of a human resources specialist to evaluate the fit between an applicant and a job. Our study consists of two parts. First, we validate the LLM approach using an a...
Keywords: Large Language Models, Categorical Variables, Labor Market Match Quality
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Measuring Economic Policy Uncertainty

Steven J. DAVIS, Scott R. BAKER, Nicholas A. BLOOM
We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage frequency. Several types of evidence—including human readings of 12,000 newspaper articles—indicate that our index proxies for movements in policy-related economic uncertainty. Our U.S. index spikes near tigh...
Keywords: economic uncertainty, Policy uncertainty, Business Cycles, fluctuations
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