Annual Conference

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Investment Finance

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May 2022

Getting to the Core: Inflation Risks Within and Across Asset Classes

Xiang FANG, Yang LIU, Nikolai ROUSSANOV
Decomposing inflation into core and non-core components (e.g., energy) sheds new light on the nature of inflation risk and risk premia. While stocks have insignificant exposures to headline inflation in the U.S., their core inflation betas are negative while energy betas are positive. Conventional i...
Keywords: Inflation Risks, Core inflation, Cross-section of asset returns
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Annual Conference

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Senior Fellows/Fellows, Capital Market Development: China and Asia

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May 2013

Getting Better: Learning to Invest in an Emerging Stock Market

Tarun RAMADORAI, John Y. CAMPBELL, Benjamin RANISH
This paper reports evidence that individual investors in Indian equities hold better performing portfolios as they become more experienced in the equity market. Experienced investors tilt their portfolios profi…tably towards value stocks and stocks with low turnover, but these tilts do not fully ex...
Keywords: Emerging stock market, equity market, value stocks
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2025

Geopolitical Risk and Global Banking

Friederike NIEPMANN, Leslie SHEN
How do banks respond to geopolitical risk, and is this response distinct from other macroeconomic risks? Using U.S. supervisory data and new geopolitical risk indices, we show that banks reduce cross-border lending to countries with elevated geopolitical risk but continue lending to those markets th...
Keywords: geopolitical risk, bank lending, credit risk, international spillovers
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Annual Conference

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Trade, Growth and Development

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May 2023

Geographic Spillovers and Firm Exports: Evidence from China

Lin TIAN, Yue YU
This paper examines the importance of domestic economic geography for a country’s export performance. We first develop a simple model in which the geographic integration of exporters reduces international trade frictions. We test the model’s predictions by leveraging the expansion of China’s h...
Keywords: Agglomeration, Knowledge Diffusion, Informal Trade Barriers, China’s Highspeed Rail
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Annual Conference

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Trade, Growth and Development

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May 2021

Geographic Fragmentation in a Knowledge Economy: Theory and Evidence from the United States

Lin TIAN, Yang JIAO
We study how the rise in cross-city joint productions (or “geographic fragmentation”)—facilitated by advancements in communication technologies—shapes the spatial skill distribution in the United States. Motivated by observations that large cities became disproportionately skill intensive an...
Keywords: Joint productions, communicaton technologies, skill, wages
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