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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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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