Webinar Series

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Capital Market Development: China and Asia

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Nov 2021

We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers’ social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on due to collection agents’ excessive workload. We show that this tactic backfire...
Keywords: Behavioral finance, Reciprocity, Privacy Infringement, Social Pressure
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Annual Conference

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Economic Transformation of Asia

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May 2017

There is a growing debate about land acquisition for infrastructure and industries in many densely populated countries. In this context, the present paper assesses the impact of the historical land ceiling legislations, largely implemented during 1960-85 to promote distributional equity, on corporat...
Keywords: Land ceiling legislations, Transaction costs of land acquisition, Corporate investment, Fixed and total capital-output ratios, More and less land-intensive firms, India
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Annual Conference

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Investment Finance

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May 2023

We apply machine learning techniques to predict international stock returns using firm characteristics. Market-specific features are important, as neural network models (NNs) achieve stronger results when they are trained in each market separately than in a global model trained with U.S. data. NNs o...
Keywords: : International Asset Pricing, Cross-section of Stock Returns, Market Integration, Neural Networks, Regression Trees
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Annual Conference

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Accounting

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May 2023

We use minute-by-minute Bloomberg online status data to characterize two important dimensions of sell-side equity analysts’ work habits: we estimate the average workday length (AWL) to proxy for analysts’ general effort provision and we use the percentage away day (PAD) to proxy for their soft i...
Keywords: Analyst, Effort Provision, Forecast Accuracy
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Inspired by the recent health-science findings that air pollution reduces human cognitive skills, we examine whether air pollution can intensify cognitive bias observed in the financial markets. Based on a proprietary dataset obtained from a large mutual fund family in China, which contains the comp...
Keywords: Air Pollution, The Disposition Effect, Mutual Funds
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