Senior Fellows/Fellows

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2025

Informal Institutions, Corporate Innovation, and Policy Innovation

Jian XIE, Bernard YEUNG, Qinhong YU
Informal institutions can play a crucial role in fostering corporate and policy innovation, espe-cially when formal institutions are weak. However, their intangible nature makes them difficult to quantify. In this paper, we proxy the strength of kinship-based informal institutions using sur-name hom...
Keywords: Informal Institutions, Surname Homogeneity, Corporate Innovation, Policy Innovation, Entrepreneurs, Economic Development, China
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Annual Conference

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Corporate Finance

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May 2016

Influencing Control: Jawboning in Risk Arbitrage

Tao LI, Wei JIANG, Danqing MEI
In an 'activist risk arbitrage,' a shareholder attempts to improve terms of an announced M&A through public campaigns. Activists target deals with low premiums and those susceptible to managerial conflicts of interest, including going-private deals and deals in which CEOs receive outsized paymen...
Keywords: Activist Risk Arbitrage, M&A, Governance
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Inflation Targeting in India An Interim Assessment

Barry EICHENGREEN, Rishabh CHOUDHARY, Poonam GUPTA
This paper provides an assessment of India’s inflation-targeting regime. It shows that the Reserve Bank of India is best characterized as a flexible inflation targeter: contrary to criticism, it does not neglect changes in the output gap when setting policy rates. The paper does not find that the ...
Keywords: Inflation targeting, monetary policy, India
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2023

Inflation Forecasting from Cross-Sectional Stocks

Claire Yurong HONG, Jun PAN, Shiwen TIAN
This paper examines the inflation forecastability of cross-sectional stocks. To differentiate the cross-sectional inflation exposures, we make the important observation that cross-sectional stock returns exhibit persistent sensitivity to headline inflation shocks during the calendar month of CPI, an...
Keywords: inflation, individual stock returns, core-CPI, announcements
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2022

Inflation Expectations and Portfolio Rebalancing of Households: Evidence from Inflation Targeting in India

Sumit AGARWAL, Pulak GHOSH, Changcheng SONG, Yeow Hwee CHUA
This paper exploits a natural experiment in India – Inflation Targeting to study how changes in inflation expectations influence households’ consumption, savings, and investments in risky assets. Using regional heterogeneity in inflation expectations by city and city-age-gender bins due to the I...
Keywords: Expectations, Inflation Targeting, Household Finance, Household Balance Sheet, Consumption, Savings,
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