Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

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
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Annual Conference

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Trade, Growth and Development

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May 2021

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
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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
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Annual Conference

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Capital Market Development: China and Asia

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May 2013

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
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2018

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