Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2021

Transport Infrastructure and Productivity: The China Experience

Meijun QIAN, Steven J. DAVIS
China has undertaken massive investments in its surface transportation system since the early 1990s, continuing to the present day. We study the impact of these public investments on plant productivity and resource allocation efficiency. We first collect and geocode highly detailed data on China’s...
Keywords: Transport infrastructure, productivity, dispersion, allocative efficiency, China.
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

Trading in Twilight: Sleep, Mental Alertness, and Stock Market Trading

Hee-Seo HAN, David HIRSHLEIFER, Jinfei SHENG, Zheng SUN
We test whether mental alertness, as proxied by sleep disruption, impairs investor trading performance. Using four complementary approaches, we document that retail investors who experience a later sunset time on average earn lower abnormal returns on their trades. These approaches include panel reg...
Keywords: Sleep, Mental alertness, Retail Investors, Trading performance, Attention, RDD
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Annual Conference

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Investment Finance

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May 2018

Trading by Crossing

Yue-Cheong CHAN, Jennifer CONRAD, Gang HU, Sunil WAHAL
We study actual trading transactions that are darker than all “dark pools,” as they are truly invisible to the marketplace both pre- and post-trade. Using a proprietary dataset of institutional trades, we analyze internal crosses – transactions which allow institutions to match purchases and s...
Keywords: Institutional trading, Cross Trading, Inter-Fund Trade, Asset Management, Economies of Scale, Trading Cost, Best Execution
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Annual Conference

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Economic Transformation of Asia

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May 2016

Trade, Migration and Productivity: A Quantitative Analysis of China

Trevor TOMBE, Xiaodong ZHU
We study how goods- and labor-market frictions affect aggregate labor productivity in China. Combining unique data with a general equilibrium model of internal and international trade, and migration across regions and sectors, we quantify the magnitude and consequences of trade and migration costs. ...
Keywords: Migration, internal trade, spatial misallocation, gains from trade, China
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Trade Wars, Currency Wars

Michael B. DEVEREUX, Aurelien EYQUEM, Stephane AURAY
For most of the post WWII period, until recently, trade protectionism followed a downward trend, and was formulated in multilateral or bilateral agreements between countries. Recently however, there hasbeen a sharp shift towards unilateral, discretionary trade policy focused on short term macroecono...
Keywords: Protectionism, currency wars, Trade Wars
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