Annual Conference

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Investment Finance

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May 2024

We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% more per share than junior securities held by mutual funds, implying that m...
Keywords: Startup financing, Startup valuation, Mutual funds, Venture capital, Fair value, Private valuation
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Specialty Conference

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Specialty Conference

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Sep 2020

As new digital technologies emerge that make the provision of financial services more efficient, they hold the potential to address barriers that SMEs face in accessing credit. This paper found empirical evidence that crowdfunding for SMEs improved SMEs’ timeliness to pay debt in Singapore. Anecdo...
Keywords: Alternative Financing, Crowdfunding, financial institutions, FinTech, Innovations in Lending, regulation, SMEs
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The Chinese government has been using various subsidies to encourage innovations by Chinese firms.  This paper examines the allocation and impacts of innovation subsidies, using the data from the China Employer Employee Survey (CEES). We find that the innovation subsidies are preferentially allocat...
Keywords: Innovation subsidies, state owned enterprises, political connection, patents, China Employer Employee Survey
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Annual Conference

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Corporate Finance

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May 2023

Serving on unsecured creditors’ committee (UCC) of a bankrupt firm, hedge funds gain access to material nonpublic information. Although hedge funds are prohibited from trading bankrupt firm’s securities with information access, less is known about whether such information access facilitates hedg...
Keywords: Bankruptcy, Unsecured Creditors’ Committee, Hedge Funds, Private Information, Trading
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2013

We contribute to the literature on the international transmission of balance sheet shocks that pummeled the banks of the industrialized countries in 2008 and 2009. We examine over time bank level data on over 21,000 banks located around the world. Our identification strategy relies on the differenti...
Keywords: Cross-border bank lending, financial crisis, Contagion to emerging markets
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