Annual Conference

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Economic Transformation of Asia

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May 2015

Impacts of Village Banking in Poor Villages in China: Evidence from a Randomized Control Trial

Albert PARK, Cai SHU, Sangui WANG
This study evaluates the impact of a randomized control trial (RCT) in China that introduced externally funded village credit funds in poor, rural villages. In contrast to recent RCT-based studies that have failed to find evidence of significant increases in income from microfinance interventions, w...
Keywords: Microfinance, program evaluations, randomized control trial
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Annual Conference

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Sustainable and Green Finance

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May 2023

Impact Investing and Venture Capital Industry: Experimental Evidence

Ye ZHANG
This paper studies the effect of startups’ ESG characteristics on venture capitalists’ investments by linking investors’ behavior in an incentivized experiment to their real-world portfolio data. I find that investors perceive impact ventures to be less profitable and harder to evaluate than s...
Keywords: Sustainable Finance, Field Experiments, Venture Capital, Entrepreneurship
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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May 2022

Idiosyncrasy as a Leading Indicator

Randall MORCK, Bernard YEUNG, Lu Y. ZHANG
Disequilibrating macro shocks affect different firms' prospects differently, increasing idiosyncratic variation in forward-looking stock returns before affecting economic growth. Consistent with most such shocks from 1947 to 2020 enhancing productivity, increased idiosyncratic stock return variation...
Keywords: Subjective expectations, business-level uncertainty
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2013

Identifying the Valuation Effects and Agency Costs of Corporate Diversification

Luc LAEVEN, Ross LEVINE, Martin R. GOETZ
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two new identification strategies based on the dynamic process of interstate bank deregulation, we find that exogenous increases in geograp...
Keywords: Corporate diversification, Agency problems, Economies of scope, Corporate insiders, Corporate valuation
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Webinar Series

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Senior Fellows/Fellows, Pandemic

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May 2020

Human Mobility Restrictions and the Spread of the Novel Coronavirus (2019-nCoV) in China

Hanming FANG, Long WANG, Yang YANG
We quantify the causal impact of human mobility restrictions, particularly the lockdown of Wuhan on January 23, 2020, on the containment and delay of the spread of the Novel Coronavirus (2019-nCoV). We employ difference-in-differences (DID) estimations to disentangle the lockdown effect on human mob...
Keywords: Human Mobility, Lockdown, Social Distancing, 2019-nCoVCOVID-19, Disease Outbreak
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