Annual Conference

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Corporate Finance

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May 2024

Making sure your vote does not count: ESG activism and insincere proxy voting

Dunhong JIN, Thomas NOE
This paper models strategic voting on ESG proposals by blockholders with heterogeneous reputational concerns and varying levels of commitment to ESG values. ESG activists, whose public-good gains from interven- tion are not attenuated by selling shareholders' free-riding, rationally sponsor even lon...
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Annual Conference

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Accounting

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May 2018

Making Sense of Soft Information: Interpretation Bias and Ex-post Lending Outcomes

Regina WITTENBERG-MOERMAN, Dennis CAMPBELL, Maria LOUMIOTI
We explore whether cognitive constraints and behavioral biases impede the processing and interpretation of soft information in private lending. Using data from a credit union's internal reporting system, we delineate three constraints and biases likely to affect lending decisions: limited attention,...
Keywords: Soft information, credit outcomes, cognitive constraints, interpretation and processing bias
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2013

Macroprudential Policy and Zombie Lending in Korea

Takeo HOSHI, Younghoon KIM
During the housing boom in the mid-2000s, Korea used the Loan-to-Value ratio (LTV) regulation and Debt-to-Income ratio (DTI) regulation to limit the expansion of mortgage financing and the rapid rise of housing prices successfully. The limit on mortgage financing, however, made many banks to look fo...
Keywords: Macroprudential Policy, Zombie Lending, Korea
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Specialty Conference

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Specialty Conference

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Jan 2017

Macroprudential Policies, Capital Flows, and the Structure of the Banking Sector

John BEIRNE, Christian FRIEDRICH
Using a large sample of advanced and emerging market economies over the period 1999–2012, we examine the effectiveness of macroprudential policies (MPPs) in managing cross-border bank flows. Conditioning on the structure of the banking sector in the MPP-implementing country, we find that higher re...
Keywords: Macroprudential policies, International capital flows, Banking sector
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2017

Macroprudential Policies in a Low Interest-Rate Environment

Margarita RUBIO, Fang YAO
In this paper, we analyze the use of macroprudential policies in a low interest rate environment, where an occasionally binding zero lower bound (ZLB) constraint gives rise to aggregate demand externalities. We study this issue by using a dynamic stochastic general equilibrium (DSGE) model with fina...
Keywords: Macroprudential, monetary policy, zero lower bound, Collateral Constraint, Financial stability
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