Webinar Series

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Capital Market Development: China and Asia

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Feb 2023

Judicial Independence, Local Protectionism, and Economic Integration: Evidence from China

Yi LU, Shaoda WANG, Wenwei PENG
We show that judicial independence can reduce local protectionism and foster crossregional economic integration. We exploit a judicial independence reform in China with staggered roll-out since 2014. The reform removed local governments’ control over local courts’ financial and personnel decisio...
Keywords: judicial independence, local protectionism, economic integration
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Annual Conference

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Investment Finance

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May 2016

It Depends on Where You Search: Institutional Investor Attention and Underreaction to News

Zhi DA, Azi BEN-REPHAEL, Ryan D. ISRAELSEN
We propose a direct measure of abnormal institutional investor attention (AIA) using news searching and news reading activity for specific stocks on Bloomberg terminals. AIA is highly correlated with institutional trading measures and related to, but different from, other investor attention proxies....
Keywords: attention, institutional investors, retail investors, earnings announcements, Analyst recommendations, News, Bloomberg
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

Is There Wisdom Among the DAO Crowd? Evidence from Vote Delegation

Chuxuan FAN, Tao SHU, Fei XIE
Nearly half of decentralized autonomous organizations (DAOs) allow vote delegation to facilitate user participation in governance and decision making. Yet, how well this mechanism works is largely unknown. We evaluate the efficacy of the vote delegation scheme by examining token holders’ vote dele...
Keywords: Decentralized Autonomous Organizations, Vote Delegation, Incentive Alignment, Conflicts of Interest
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Is there a home field advantage in global markets

Murali JAGANNATHAN, Wei JIAO, Andrew KAROLYI
International equity mutual funds that hire managers from a country linked to the fund`s geographic mandate exhibit a strong bias to invest in stocks of that country. These funds with “home-biased managers” attract disproportionally more flows, on average, that intensify during periods of higher...
Keywords: international mutual funds, home-bias, information endowment, performance
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Senior Fellows/Fellows

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Senior Fellows/Fellows, 2017

Is the Chinese Stock Market Really Different-Evidence from Stock Splits in the U.S. and China

Sheridan TITMAN, Chishen WEI, Bin ZHAO
We compare and contrast the Chinese and the U.S. stock markets by analyzing stock price reactions around stock split announcements. Both markets exhibit positive initial stock price reactions on split announcements and positive post-split return drift in the initial 3 months. In the U.S., the positi...
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