Annual Conference

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Corporate Finance

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May 2022

Trust, but verify: The economics of scams in initial coin offerings

Yang (Gloria) YU, Chishen WEI, Kenny PHUA, Bo SANG
Losses from frauds and financial scams are estimated to exceed U.S. $5 trillion annually. To study the economics of financial scams, we investigate the market for initial coin offerings (ICOs) using point-in-time data snapshots of 5,935 ICOs. Our evidence indicates that ICO issuers strategically scr...
Keywords: Financial scams, Screening, Cryptocurrencies, Advisors
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AMPF Papers

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Policy Note

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May 2018

Trump Trade Policy: Exercise in Futility

Douglas A. IRWIN
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AMPF Papers

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Commissioned Paper

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May 2014

Trilemmas and Tradeoffs: Living with Financial Globalization

Maurice OBSTFELD
This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies. Those EMEs able to exploit a flexible exchange rate are far better positioned than those that devote monetary policy to f...
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Annual Conference

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Accounting

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May 2018

Traveling Governance Effect of Shareholder Activism: Evidence from Clawback Provision Adoption

C.S. Agnes CHENG, Gang HU, Zeyu SUN, Jing XIE
We find that firms held by an institutional activist blockholder (IAB) are more likely to adopt clawback provisions when more of other firms held by the same IAB have adopted. This effect is stronger when peers adopt a strong form of clawback and maintain longer peer relations, for firms with more p...
Keywords: shareholder activism, Spillover Effect, Clawback Provision, institutional investors
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Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2021

Transport Infrastructure and Productivity: The China Experience

Meijun QIAN, Steven J. DAVIS
China has undertaken massive investments in its surface transportation system since the early 1990s, continuing to the present day. We study the impact of these public investments on plant productivity and resource allocation efficiency. We first collect and geocode highly detailed data on China’s...
Keywords: Transport infrastructure, productivity, dispersion, allocative efficiency, China.
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