Specialty Conference

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Specialty Conference

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Sep 2020

Crowdfunding for Infrastructure Project Financing: Lesson Learned for Asian Countries

Nika PRANATA, Nur FIRDAUS, Erla MYCHELISDA, Achsanah HIDAYATINA
Infrastructure plays a pivotal role in national development. However, financing infrastructure projects becomes a major hurdle as it is often considered unbankable, high risk, and requires a long payback period. The use of crowdfunding as an alternative source for infrastructure project financing is...
Keywords: Crowdfunding, blended finance, commercial infrastructure financing
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Annual Conference

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Corporate Finance

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May 2019

Crowdfunding Dynamics

Thomas LAMBERT, Paul BELLEFLAMME, Armin SCHWIENBACHER
We study the various network effects that are at work on crowdfunding platforms. From a theoretical perspective, we distinguish between network effects that relate to participation or to usage decisions. We use novel entrepreneur-backer data to identify their relative importance on project funding d...
Keywords: Crowdfunding, digital platforms, FinTech, network effects, multisided platforms
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

Cross-Sectional Asset Pricing with Individual Stocks: Betas versus Characteristics

Tarun CHORDIA, Amit GOYAL, Jay SHANKEN
We develop a methodology for bias-corrected return-premium estimation from cross-sectional regressions of individual stock returns on betas and characteristics. Over the period from July 1963 to December 2013, there is some evidence of positive beta premiums on the profitability and investment facto...
Keywords: Asset Pricing, Individual Stocks, Factor Loadings, Characteristics, Errors-in-Variables
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Cross-Border Bank Flows and Systemic Risk

Andrew KAROLYI, John SEDUNOV, Alvaro G. TABOADA
Using data on cross-border bank flows from Bank for International Settlement (BIS) reporting source countries to 114 recipient countries, we find that heightened bank flows are associated with lower systemic risk in the bank systems in the recipient country. The link between increased flows and redu...
Keywords: Cross-border bank flows, financial institutions, bank regulation, systemic risk, financial crises
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Annual Conference

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Economic Transformation of Asia

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May 2017

Cross Country Income Differences and the Distinction between Cognitive and Non-Cognitive Human Capital

Xiang CHONG, Stephen YEAPLE
The quality of a countryís educational infrastructure is a crucial determinantof economic well-being. Therefore, the comparisons of the relative strength andweakness of educational systems across countries are critical for both academic research and policy-making. A common approach measures the com...
Keywords: Human capital, Global Economy, Educational Systems
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