Annual Conference

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Investment Finance

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May 2018

Are Disagreements Agreeable? Evidence from Information Aggregation

Dashan HUANG, Jiangyuan LI, Liyao WANG, Guofu ZHOU
Most studies on disagreement focus on cross-sectional asset returns and the well-recognized disagreement measures generally cannot predict the stock market with a horizon less than 12 months. This paper proposes three aggregate disagreement indexes by aggregating information across 20 disagreement m...
Keywords: Disagreement, Market risk premium, Predictability, Information aggregation, PLS
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Annual Conference

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Household Finance

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May 2023

Are Borrowers Paid to Repay? Payday Effect in FinTech Lending

Jianfeng HU, Changcheng SONG, Yang (Gloria) YU
We conduct a field experiment to investigate how payday loan contracts design affects loan outcomes. Using a FinTech lending platform in Indonesia, we randomly extend the loan term by one or two days to align the loan due date with borrowers’ salary payday after the loan has been approved. Differe...
Keywords: FinTech, Household Finance, Payday
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Annual Conference

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Real Estate and Urban Economics

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May 2021

Appraisal Inflation and Private Mortgage Securitization

Abdullah YAVAS, Shuang ZHU, Moussa DIOP
Lenders' access to soft information on appraisal inflation could lead to adverse selection in private mortgage securitization. Combining a nationwide mortgage data with a real estate transaction data and using a difference-in-differences empirical design, we document that securitized refinance loans...
Keywords: Appraisal Inflation, adverse selection, Mortgage Securitization
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Senior Fellows/Fellows

Application Flows

Steven J. DAVIS, Brenda Samaniego DE LA PARRA
We build and analyze a new U.S. database that links 125 million applications to job vacancies and employer-side clients on Dice.com, an online platform for jobs and workers in software design, computer systems, engineering, financial analysis, management consulting, and other occupations that requir...
Keywords: worker applications, job vacancies, intermediaries, tightness, vacancy durations, non-sequential search, staffing firms, recruitment firms
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Annual Conference

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Corporate Finance

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May 2016

Anticorruption, Political Connections, and Corporate Cash Policy: Evidence from Politician Downfalls in China

Xiaofeng ZHAO, Haohan REN
We examine how firms change their cash policies in response to the downfall of corrupt politicians in China. We find that firms connected to their local government increase cash holdings when high-profile politician downfalls occur in the government. Consistent with the precautionary saving argument...
Keywords: Anticorruption, politician downfalls, Political Connections, Cash Policy
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