Annual Conference

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Economic Transformation of Asia

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May 2017

Feeding China's Rise: The Growth Effects of Trading with China 1993:2011 

Thomas ZYLKIN
I construct a dynamic, multi-sector model of trade and growth and use it to quantify how China’s rapid expansion of trade over the last two decades has contributed to world economic growth. The model notably features a rich interplay between changes in sectoral-level trade and the usage of each se...
Keywords: Quantifying China’s Impact, International trade, Trade and Growth, Trade and Capital Accumulation
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Annual Conference

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Sustainable and Green Finance

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May 2024

Feedback on Emerging Corporate Policies

Sean CAO, Itay GOLDSTEIN, Jie HE, Yabo ZHAO
We explore the role of market feedback in navigating emerging corporate policies on AI/green technologies. By assembling and analyzing a comprehensive sample of corporate disclosures in which managers discuss their forward-looking investment plans on AI/green technologies, we find that firms adjust ...
Keywords: Emerging Technologies, Artificial Intelligence, Carbon Emissions, Green Investment, Feedback, Managerial Learning
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Annual Conference

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Real Estate and Urban Economics

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May 2022

Federal Tax Deductions and the Demand for Local Public Goods

Brent W. AMBROSE, Maxence VALENTIN
Property taxes are the primary funding mechanism by which local governments pay for public goods. In the United States, the federal income tax system provides a subsidy to this cost by allowing taxpayers to deduct property taxes on their federal income tax returns. Using local referendum approval ra...
Keywords: Local Public Finance, Tax Deductibility, Fiscal Policy, Capitalization, TCJA
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Annual Conference

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Corporate Finance

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May 2013

Family Business Group Expansion through IPOs: The Role of Internal Capital in Financing Growth while Preserving Control

Peter Kien PHAM, Jason ZEIN, Stephanie DASH, Ronald W. MASULIS
Using data from 44 countries, we document a new channel through which a family business group's internal capital market supports its members. We find that groups use internal capital to incubate difficult-to-finance projects, making it feasible for them to rapidly scale up, thus facilitating their I...
Keywords: business groups, internal capital markets, Financing Constraints, IPOs
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Annual Conference

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Accounting

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May 2023

External Legal Counsel as Transaction Cost Engineer and its Influence on Loan Contract Design and Performance

Peeyush TAORI, Peter POPE, Roberto VINCENZI
We investigate whether external legal counsels (ELCs) affect the design and performance of syndicated loan contracts. Using a dataset of ELCs representing both borrowers and lenders in the U.S. syndicated loan market and fixed effect models, we find that ELCs explain significant variation in loan co...
Keywords: Syndicated Loans, Debt Contracts, Debt Covenants, Banks, Law Firms, Information Asymmetry
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