Annual Conference

|

Corporate Finance

|

May 2019

Loan Syndication Structures and Price Collusion

Jian CAI, Frederik EIDAM, Anthony SAUNDERS, Sascha STEFFEN
How does the organizational form of loan syndicates evolve and what are the effects on price collusion? We develop a novel measure of distance in lending expertise among syndicate lenders, and relate this novel measure to the organizational form of loan syndicates and loan pricing. Studying the U.S....
Keywords: Syndicated loans, Loan syndication structure, Loan pricing, Price collusion
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Economic Transformation of Asia, Senior Fellows/Fellows

|

May 2016

Liquidity Rules and Credit Booms

Kinda Cheryl HACHEM, Zheng Michael SONG
China increased bank liquidity standards in the late 2000s. The interbank market became tighter and more volatile and credit soared, contrary to expectations. To explain this, we argue that shadow banking developed among Chinas small and medium-sized banks to evade the higher liquidity standards. Th...
Keywords: Liquidity regulation, Financial transformation, China
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2018

Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange

Hendrik BESSEMBINDER, Jia HAO, Kuncheng (K.C.) ZHENG
We exploit a discontinuity in the New York Stock Exchange Designated Market Maker (DMM) contract to identify causal effects of DMM participation on equilibrium market outcomes. We document that contractual features that enhance DMM participation are associated with increased depth, narrower bid-ask ...
Keywords: Liquidity provision, designated market maker, NYSE
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2014

Limited Attention, Marital Events, and Hedge Funds

Melvyn TEO, Sugata RAY, Yan LU
We explore the impact of limited attention by analyzing the performance of hedge fund managers who are distracted by marital events. We find that marriages and divorces are associated with significantly lower fund alpha, during the six-month period surrounding and the two-year period after the event...
Keywords: hedge funds, limited attention, Behavioral finance, disposition effect, Marriage, Divorce
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics, Senior Fellows/Fellows

|

May 2022

Like Father Like Son? Social Engineering and Intergenerational Mobility in Housing Consumption

Sumit AGARWAL, Wenlan QIAN, Tien Foo SING, Yi FAN
We estimate the rate of intergenerational mobility in housing consumption in the context of largescale social engineering programs in Singapore. Using a comprehensive set of data on residential demographics merged with the real housing transaction records covering 149,745 parents-child pairs from 19...
Keywords: housing consumption, intergenerational mobility, social engineering programs, human capital
  • View
  • Download
  • Bookmark
  •    |