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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Corporate Finance

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May 2025

Corporate decision-making entails complex, high-dimensional, non-linear stochastic control during which managers learn and adapt via dynamic interactions with the market environment. We propose a data-driven-robust-control (DDRC) framework to complement traditional theory, reduced-form models, and s...
Keywords: AI, Ambiguity, Big Data, Corporate Finance, Deep Learning, Generative Modeling, Inverse RL, Offline RL, Stochastic Control, Transfer Learning
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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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