Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Compensation of mutual fund managers is paramount to understanding agency frictions in asset delegation. We collect a unique registry-based dataset on the compensation of Swedish mutual fund managers. We find a concave relationship between pay and revenue, in contrast to how investors compensate the...
Keywords: Portfolio manager compensation, Mutual Fund Performance, financial sector income
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Annual Conference

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Accounting

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May 2022

Using detailed information from the largest proxy advisor in the U.S., Institutional Shareholder Services (ISS), we examine whether its assessments are able to identify a firm’s poor compensation practices as measured by subsequent performance. While prior research provides consistent evidence of ...
Keywords: Proxy advisors, CEO compensation, Say-on-Pay, Institutional shareholder voting
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Webinar Series

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

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Dec 2022

Using a proprietary dataset from 2016 to 2019, we find that order flows from foreign investors, facilitated by regulatory liberalization through several channels, present strong predictive power for future stock returns in the Chinese market. Most surprisingly, foreign investors possess the ability ...
Keywords: Foreign investors, the Chinese stock market, public information, market liberalization
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Annual Conference

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Investment Finance

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May 2018

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

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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