Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

We study how corporate hedging affects the demand of foreign institutional investors. We collect measures of foreign exchange hedging and interest rate hedging for a comprehensive sample of international companies. We document a strongly positive relationship between foreign institutional demand and...
Keywords: hedging, foreign exchange hedging, interest rate hedging, foreign ownership, international institutional investors
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

This paper investigates the relationship between climate change information and property prices. We employ datasets of home transactions and a novel climate change information shock in Singapore, the sea level rise (SLR) projections announced by the government. Based on Difference-in-Differences est...
Keywords: climate change, property prices, government announcement, Singapore
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Annual Conference

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Real Estate and Urban Economics

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May 2022

Combining granular data on temperatures across the continental US with micro-level com-mercial real estate (CRE) data from 1980 to 2020, we study the impact of exposure to extreme temperature shocks on investment performance of CRE at the individual asset level. We find that exposure to extreme temp...
Keywords: climate change, climate finance, commercial real estate, economic costs
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Annual Conference

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Accounting

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May 2024

We examine whether algorithmic trading (AT) affects the extent to which directors rely on stock returns when making CEO turnover decisions. We find that the sensitivity of forced CEO turnover to stock returns decreases with AT. This effect of AT is more pronounced when the information that AT crowds...
Keywords: Algorithmic trading, CEO turnover, CEO-firm match quality, directors, learning
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Annual Conference

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Trade, Growth and Development

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May 2024

This paper investigates the understudied impact of equity financing on firms' export performance. We leverage the unique institutional context of initial public offering (IPO) in China, where firms must obtain formal approval from the regulatory agency for their public listing. Our empirical strateg...
Keywords: Firm Exports, IPOs, Chinese Economy, Equity Financing
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