Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2019

Financial Globalization vs. Income Inequality: The Surprising Role of Foreign Portfolio Flows in Taming the Top 1%

Hong ZHANG, Massimo MASSA, Si CHENG, Gur AMINADAV
We document a surprising finding that foreign portfolio inflows delegated through global mutual funds reduce the income of the top 1%. To rationalize this observation, we utilize a comprehensive database on the worldwide ownership of private and public firms for 2001–2013 to trace income inequalit...
Keywords: Financial Globalization, Income inequality, Delegated Portfolio Management, Mutual Funds
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Annual Conference

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Corporate Finance

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May 2014

Financial Flexibility and Corporate Cash Policy

Tao CHEN, Jarrad HARFOLD, Chen LIN
Using variations in local real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on cash policies of US firms. Building on this natural experiment, we find strong evidence that increases in real estate values lead to smaller...
Keywords: Financial Flexibility, Real Estate Prices, Cash Policy
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AMPF Papers

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Commissioned Paper

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May 2015

Financial Development in Asia: The Role of Policy and Institutions, with Special Reference to China

Barry EICHENGREEN
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Annual Conference

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Corporate Finance

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May 2021

Finance Leases: In the Shadow of Banks

Yanping SHI, Jeffery (Jinfan) ZHANG
By analyzing a hand-collected transaction-level dataset on the finance leases of China’s public firms for the period 2007-2019, this paper sheds light on China’s leasing market, the second largest in the world. We find that banks use their affiliated leasing firms to provide credit to clients in...
Keywords: Finance Lease, shadow banking, Relationship Lending, Regulation Arbitrage, monetary policy
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Annual Conference

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Sustainable and Green Finance

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May 2024

Fighting Climate Change with FinTech

Antonio GARGANO, Alberto G. ROSSI
We study the environmental sustainability of individuals’ consumption choices using unique data from a FinTech App that tracks users’ spending and emissions at the transaction level. Using a randomized encouragement design, we show that individuals are likely to purchase carbon calculator servic...
Keywords: FinTech, Climate Change, Household Finance, Sustainable Behavior
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