Annual Conference

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Accounting

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May 2017

Gender and beauty in the financial analyst profession: evidence from the United States and China

Kevin VEENSTRA, An-Ping LIN, Congcong LI, Hai LU
This study examines whether institutional investors’ voting for All-Star financial analysts is affected by analyst beauty. Using a sample of 1,135 U.S. analysts and controlling for analyst performance, we document that beauty, on average, does not affect the outcome of All-Star analyst voting. How...
Keywords: Analysts, Beauty, Information asymmetry, Labor market
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AMPF Papers

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Commissioned Paper

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May 2018

Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics

Hyun Song SHIN, Stefan AVDJIEV, Bat-el BERGER
We look back at past episodes of financial stress in Asia with a forward-looking perspective. We put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. We reconstruct a graphical narrative of bank...
Keywords: Stefan AVDJIEV, Bat-el BERGER, Hyun Song SHIN
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Annual Conference

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Blockchain and Cryptocurrency

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May 2021

Game Theoretic Protocols inspired by Blockchains

Elaine (Runting) SHI, Kai-Min CHUNG, T-H. Hubert CHAN, Ting WEN
Suppose that n players want to elect a random leader and they communicate by posting messages to a common broadcast channel. This problem is called leader election, and it is fundamental to the distributed systems and cryptography literature. Recently, it has attracted renewed interests due to its p...
Keywords: cryptographic protocols / game theory, leader election, multi-party computation, extractor, round complexity
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Annual Conference

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Trade, Growth and Development

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May 2021

Future Technology Hubs or Backwater? Lessons on Structural Change from Germany’s Coal Regions

Wolfgang KELLER, Ehsan VALLIZADEH, Simon JANSSEN
This paper studies the structural adjustment from natural resource-intensive industry- to knowledge-based growth. The closure of coal mines in Germany over 1975-2017 produces local labor market shocks that reveal how the presence of natural resources and international competition may affect the rise...
Keywords: Mining, spillover effects, Employment, labour mobility
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Annual Conference

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Investment Finance

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May 2019

Fundamental Risk Sources and Pricing Factors

Baek-Chun KIM, Zhanhui CHEN
Neoclassical theory suggests that stocks exposed to common pricing factors must face common production risks. We estimate firm-level productivity shocks and decompose them into six aggregate risk components via asymptotic principal component analysis. We find that fundamental risks drive 13 of 15 pr...
Keywords: productivity shocks, production-based asset pricing, pricing factors, empirical asset pricing models
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