Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

This paper uses a unique panel data set of consumer financial transactions to study how consumers respond to exogenous income shocks. Specifically, we study how their spending behavior on their credit card, debit card and bank checking account responds to a positive income shock. Our analysis is bas...
Keywords: Consumption, Spending, Debt, Credit Cards, Household Finance, Banks, Loans, Durable Goods, Discretionary Spending, Fiscal Policy, Tax Rebates, Liquidity Constraints, Credit Constraints
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Annual Conference

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Corporate Finance

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May 2021

Theory suggests that initial public offerings (IPOs) can adversely impact listed firms, both directly by increasing intra-industry competition, and indirectly by completing related asset market spaces. However, the endogeneity of individual IPO activity hinders testing these channels. This paper exa...
Keywords: Initial public offerings, China, Competition, asset space
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Senior Fellows/Fellows

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Senior Fellows/Fellows

This paper provides a quantitative analysis of gains from trade in a model with head-to-head competition using Chinese firm-level data from Economic Censuses in 1995 and 2004. We find a significant reduction in trade cost during this period, and total gains from such improved openness during this pe...
Keywords: gains from trade, markups, pro-competitive effects, ACR formula, head-to-head competition, Chinese economy
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

We examine the effect of the common ownership relation between brokerage houses and the firms covered by their analysts (referred to as co-owned brokerage houses, co-owned firms, and connected analysts, respectively) on analyst forecast performance. Common ownership can help the connected analysts t...
Keywords: common ownership, analyst forecasts, institutional environments
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

We show that a model of an advanced small open economy with exports in commodities and search and matching frictions in the labour market can match the impulse responses from a panel vector autoregression to an identified commodity price shock. Using a minimum distance strategy, we find that interna...
Keywords: Commodity prices, Search and matching unemployment
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