Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Feb 2023

Bank Competition amid Digital Disruption: Implications for Financial Inclusion

Yang (Gloria) YU, Erica Xuewei JIANG, Jinyuan ZHANG
This paper studies how banks compete amid digital disruption and the resulting distributional effect across consumers. Digital disruption increases the geographic coverage of banking services, bringing new entrants to local markets. However, as digital customers shift from branches to digital servic...
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Augmenting Markets with Mechanisms

Samuel ANTILL, Darrell DUFFIE
We model a market in which traders lay off their excess inventories of an asset in a sequence of size-discovery sessions and on a continuously operating exchange. Taking the exchange as given, we derive a size-discovery mechanism that efficiently reallocates the asset across traders at each session...
Keywords: mechanism design, price impact, size discovery, allocative efficiency, workup, dark pool, market design
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Attention, Social Interaction, and Investor Attraction to Lottery Stocks

David HIRSHLEIFER, Turan G. BALI, Lin PENG, Yi TANG
We test the hypothesis that retail investors' attraction to lottery stocks induces overvaluation, and is amplified by high attention and social interactions. The lottery premium (negative abnormal returns) is stronger for high-retail-ownership stocks—especially those that also have high analyst co...
Keywords: Preference for lottery-like stocks, investor attention, social interactions, social network, MAX, skewness, retail investors
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Annual Conference

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Investment Finance

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May 2018

Attention to Global Warming

Darwin CHOI
We find that people revise their beliefs about climate change upward when experiencing warmer than usual temperatures in their area. Using international data, we show that attention to climate change, as proxied by Google search volume, increases when the local temperature is abnormally high. In fin...
Keywords: Global warming, Climate Change, Financial markets, stocks
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Annual Conference

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Investment Finance

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May 2021

Attention Spillover in Asset Pricing

Jianfeng YU, Li AN, Xin CHEN
Exploiting a screen display feature whereby the order of stock display is determined by the stock listing codes, we lever a novel identification strategy and study the impact of attention spillover on stock prices and turnover. We find that stocks with neighbors on the display that experience higher...
Keywords: limited attention, overconfidence, attention spillover, price impact, return predictability
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