Annual Conference

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Corporate Finance

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May 2024

We study the role of export credit agencies—the predominant tool of industrial policy— on firm behavior by using the effective shutdown of the Export–Import Bank of the United States (EXIM) from 2015–2019 as a natural experiment. We show that firms that previously relied on EXIM support saw ...
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2015

Competing claims about conditions in Chinese housing markets are challenging to evaluate because of data limitations. We bring new data to bear on this issue and examine a wide array of property market risk metrics and fundamentals. On average across 35 large cities, real land and house prices have ...
Keywords: Housing markets, China
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Senior Fellows/Fellows

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Senior Fellows/Fellows

We argue, from an extensive literature review, that in the vast majority of research settings, biases in alternative expected-return proxies (ERPs) are irrelevant. Therefore, in most settings, the choice between alternative ERPs should be based on an evaluation of their relative measurement-error va...
Keywords: Expected-Return Proxies, finance, implied cost of capital, time-series
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Annual Conference

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Accounting

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May 2018

This paper examines the role that exchange-traded funds (ETFs) play in the transfer of information across firms around earnings announcements. Our analysis focuses on the differences in information transfer between broad-based and sector ETFs. We find that firms with sector ETF ownership are associa...
Keywords: ETF, Information transfer, Post earnings announcement drift, sector ETF
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2024

Both capital controls and domestic capital market regulations impose a cost on firms. By comparing Chinese firms listed at home and abroad, that takes into account the endogenous nature of the IPO locational choices, we estimate that for those overseas listed Chinese firms, entrepreneurs' willingnes...
Keywords: Overseas IPO, capital control, self-selection
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