Annual Conference

|

Investment Finance, Senior Fellows/Fellows

|

May 2015

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

Hong ZHANG, Yi DONG, Massimo MASSA
The rise of social media has encouraged guru dreams because of the low entry barrier and highly skewed distribution of public attention that characterize social media. The pursuit of guru status, however, may be achieved through information provision or cheap talk, and competition inherent to social...
Keywords: Blogs, Social media, Information provision, Competition
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Trade, Growth and Development

|

May 2021

Growing through Competition: The Reduction of Entry Barriers among Chinese Manufacturing Firms

Lijun ZHU, Yu ZHENG, Helu JIANG
Using the World Bank's Starting a Business score as a measure of administrative and regulatory entry barriers, we show evidence from the firm-level data of the Chinese manufacturing sector that regions with lower entry barriers experience higher productivity growth and more competition. We interpret...
Keywords: firm entry, Endogenous Growth, Firm Dynamics, Entry Barriers
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows

Growing the Efficient Frontier on Panel Trees

Lin William CONG, Guanhao FENG, Jingyu HE, Xin HE
We develop a new class of tree-based models (P-Trees) for analyzing (unbalanced) panel data using economically guided, global (instead of local) split criteria that guard against overfitting while preserving interpretability. To generalize security sorting and better estimate the efficient frontier,...
Keywords: Asset Pricing, Decision Tree, Factors, Interpretable AI, Investment
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Capital Market Development: China and Asia

|

May 2013

Growing the Asset Management Franchise: Evidence from Hedge Fund Firms

William FUNG, David HSIEH, Narayan NAIK, Melvyn TEO
We investigate the growth strategies of hedge fund firms. We find that firms with successful first funds are able to launch follow-on funds that charge higher performance fees, set more onerous redemption terms, and attract greater inflows. Motivated by the aforementioned spillover effects, first fu...
Keywords: hedge funds, first funds, follow-on funds, spillover, Agency problems
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Economic Transformation of Asia, Senior Fellows/Fellows

|

May 2018

Growing Pains in Chinese Social Security System

Hanming FANG, Jingyi ZHANG
  • View
  • Download
  • Bookmark
  •    |