Annual Conference

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Investment Finance

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May 2025

Kyle Meets Friedman: Informed Trading When Anticipating Future Information

Hongjun YAN, Liyan YANG, Xueyong ZHANG, Deqing ZHOU
We analyze a dynamic model of an investor who receives private information on an ongoing basis and faces a post-trading disclosure requirement. Characterizing the equilibrium of our trading game between two players—the investor and a market maker—can be reduced into a fictitious consumption-savi...
Keywords: Informed investor trading, Dissimulation, Mixed strategy, Information arrival
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Annual Conference

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Accounting

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May 2022

Knowledge is Power: A Field Experiment in the Chinese and US Stock Markets

Xiaofeng ZHAO, Bohui ZHANG, Sonia Man-Lai WONG, Yuan XUE
We conducted a field experiment by providing knowledge about the pricing implications of accounting accruals to investors in randomized stock groups via social media platforms in both China and the U.S. Treatment stocks experience a reduction in accrual mispricing relative to control stocks, and thi...
Keywords: Financial knowledge, accrual mispricing, investor education, field experiment, social media
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Know Thyself: Access to Own Credit Report and The Retail Mortgage Market

Amit KUMAR
Borrowers may misestimate their probability of mortgage approval in the absence of precise signals of creditworthiness. Credit reports, which contain such signals, became easily accessible for all U.S. consumers since 2005, while it was already the case in seven states. A difference-in-differences s...
Keywords: Environmental amenities, urban heat island, urban green in- frastructure.
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2016

Just Do Your Job: Obedience, Routine Tasks, and the Pattern of Specialization

Davin CHOR, Filipe CAMPANTE
We study the interplay between cultural attitudes and the economic environment, focusing on attitudes towards obedience in the workplace. We establish two key stylized facts: First, at the country level, an upward shift in workplace obedience over time is associated with more exporting in industries...
Keywords: Culture, Workplace Obedience, Routine Tasks, Education, Human capital, Specialization Patterns, Exports
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2023

Jumpstarting an International Currency

Ricardo REIS, Saleem BAHAJ
While the USD dominates cross-border transactions today, a few other currencies are also used internationally. This paper shows that central bank policies that reduce the volatility of borrowing costs for foreign firms in domestic currency can trigger a jump-start of the currency’s international s...
Keywords: Currency Choice, RMB internationalization, Liquidity Lines, Invoicing Currency
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