Annual Conference

|

Tech, Digital Markets and AI

|

May 2025

Are Arbitrageurs Less Affected by Behavioral Biases? Evidence from the Cryptocurrency Market

Pulak GHOSH, Ruxue GONG, Hong ZHANG
Behavioral biases are well-documented among less sophisticated investors. Are arbitrageurs less affected by these issues? To explore this question, we analyze account-level trading data from a leading cryptocurrency exchange in India and use triangular arbitrage opportunities to identify arbitrageur...
Keywords: bitcoin, cryptocurrency, behavioral biases, retail traders
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics

|

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
  • View
  • Download
  • Bookmark
  •    |   

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
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

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
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows

Anti-Corruption Reforms and Shareholder Valuations: Event Study Evidence from China

Randall MORCK, Bernard YEUNG, Chen LIN, Xiaofeng ZHAO
Consistent with reduced expected corruption adding value overall, Chinese shares rise sharply on the December 4th 2012 launch of major anti-corruption reforms starting with curtailing extravagant spending by or for Party cadres. SOEs gain broadly, consistent with the reform cutting their top manager...
Keywords: Anti-Corruption, Marketization, Bribery Intensity, Firm Value
  • View
  • Download
  • Bookmark
  •    |