Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Capital Controls and Income Inequality

Mark M. SPIEGEL, Zheng LIU, Jingyi ZHANG
We examine the implications of capital flows and capital account policy for income distribution in a small open economy with heterogeneous agents and financial frictions. Banks engage in costly intermediation between household savings and entrepreneur investment. Our model predicts that inflow surge...
Keywords: capital flows, income distribution, Heterogeneous agents, Financial Frictions, small open economy.
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2013

Capital Controls and Currency Wars

Anton KORINEK
Capital controls and other forms of capital account intervention lead to international spillover effects that have recently raised concerns about global currency wars. This paper analyzes the welfare effects and the desirability of global coordination of such policy measures. We find that if control...
Keywords: capital flows, capital controls, currency wars, systemic risk, global policy coordination
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Annual Conference

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Corporate Finance

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May 2021

Capital Budgeting, Uncertainty, and Misallocation

Ben CHAROENWONG, Alan KWAN, Yosuke KIMURA, Eugene TAN
We use data on firms' expectations and planned capital expenditures to show planned investment (i) is partially flexible to real-time shocks, and (ii) is a strong predictor of actual investment, with higher statistical importance than expected sales. To explain these facts, we develop an investment ...
Keywords: Corporate investment, uncertainty, Expectation Formation, Forecasting
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Annual Conference

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Accounting

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May 2016

Can Twitter Help Predict Firm-Level Earnings and Stock Returns?

Eli BARTOV, Lucile FAUREL, Partha MOHANRAM
Prior research has examined how companies exploit Twitter in communicating with investors, and whether Twitter activity predicts the stock market as a whole. We test whether opinions of individuals tweeted just prior to a firm’s earnings announcement predict its earnings and announcement returns. ...
Keywords: Twitter, Social media, Wisdom of Crowds, earnings, analyst earnings forecast, abnormal stock returns
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Annual Conference

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Corporate Finance

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May 2019

Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China

Alberto MANCONI, Fabio BRAGGION, Haikun ZHU
We study whether and to what extent peer-to-peer (P2P) credit helps circumvent loan-tovalue (LTV) caps, a key macroprudential tool to contain household leverage. We exploit the tightening of mortgage LTV caps in a number of cities in China in 2013 as our testing ground, in a difference-in-difference...
Keywords: peer-to-peer credit, household leverage, macroprudential regulation, loan-tovalue caps
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