Annual Conference

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Economic Transformation of Asia

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May 2019

Division of Labor and Productivity Advantage of Cities: Theory and Evidence from Brazil

Lin TIAN
Firms are more productive in larger cities. This paper investigates a potential explanation that was first proposed by Adam Smith: Larger cities facilitate greater division of labor within firms. Using a dataset of Brazilian firms, I first document that division of labor is indeed robustly correlate...
Keywords: Divisdion of labour, productivity, space, cost
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Annual Conference

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Corporate Finance

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May 2021

Dividend Policy in the Era of Big Data

Shujing WANG, Yancheng QIU, Tao SHU
The releases of real-time satellite data of U.S. retail firms’ parking lot traffic reduce information asymmetry between managers and outside investors. Using the staggered releases of satellite data as a quasi-natural experiment, we test the competing dividend theories based on information asymmet...
Keywords: Alternative Data, Satellite Imagery Data, Dividend Policy, Outcome Model, Substitute Model, Signaling Model, Corporate governance
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Annual Conference

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Corporate Finance

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May 2024

Diverging Paths in Banks' Business Models: New Facts and Macro Implications

Shohini KUNDU, Tyler MUIR, Jinyuan ZHANG
We document the emergence of two distinct types of banks over the past decade: high rate banks which provide deposit rates in line with market interest rates, and low rate banks whose deposits are now even less sensitive to market rates. While the aggregate sensitivity of deposit rates to market int...
Keywords: Banking, Monetary Policy, Technology
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2015

Disguised corruption: Evidence from consumer credit in China

Jian ZHANG, Sumit AGARWAL, Wenlan QIAN, Amit SERU
Using a comprehensive sample of credit card data from a leading Chinese bank, we show that government bureaucrats receive 16% higher credit lines than non-bureaucrats with similar income and demographics, but their accounts experience a significantly higher likelihood of delinquency and debt forgive...
Keywords: Corruption, Credit Cards, Credit, Debt, Household Finance, Government, Bureaucrats, banking, Political Connections, China
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2019

Disentangling the supply and demand factors of household credit in Malaysia - Evidence from the credit register

Jiaming SOH
This paper isolates the demand and supply factors of credit extension. We construct a new dataset that combines loan application information from the credit register with individuals’ income and banks’ balance sheet for the period 2014-2016. Using this dataset, we verify the importance of banks'...
Keywords: Supply factor, demand factor, household loan approval, credit register, funding ratio
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