Webinar Series

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

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Apr 2022

Blockchain without Crypto? Linking On-Chain Data Growth to Firm Fundamentals and Stock Returns

Lin William CONG, Ran CHANG
Despite the explosive growth of cryptocurrencies, whether the underlying technology adds significant value and will thus sustain broad adoption remains unclear. Using proprietary data on firm-level blockchain records from 2015 to 2021, we conduct the first large-sample study linking blockchains to f...
Keywords: Alternative Data, Blockchain, Digitization, Disclosure, Nowcasting
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Value-Enhancing Effects of Female Independent Directors in Companies with Overconfident CEOs

Suman BANERJEE, Ronald W. MASULIS, Arun UPADHYAY
Little research exists on matching CEOs and directors. We find female independent directors (IDs) strengthen the benefits of overconfident (OC) CEOs. Female IDs reduce excess capital expenditures and less profitable acquisitions, increase R&D, and mitigate excessive risk taking. They impose grea...
Keywords: Female independent directors, Gender-diverse board, Directors’ death, Male independent directors, Bo
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Crises as Opportunities for Growth: The Strategic Value of Business Group Affiliation

Peter Kien PHAM, Jason ZEIN, Ronald W. MASULIS, Alvin E. S. ANG
We document a novel strategic motive for family business groups to utilize their internal capital markets (ICMs) during financial crises. We find that crisis-period group ICM activity is targeted toward exerting product market dominance over standalone rivals. Groups make significant post-crisis ...
Keywords: Family Business Groups, Product-market competition, Financial crisis
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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May 2022

Idiosyncrasy as a Leading Indicator

Randall MORCK, Bernard YEUNG, Lu Y. ZHANG
Disequilibrating macro shocks affect different firms' prospects differently, increasing idiosyncratic variation in forward-looking stock returns before affecting economic growth. Consistent with most such shocks from 1947 to 2020 enhancing productivity, increased idiosyncratic stock return variation...
Keywords: Subjective expectations, business-level uncertainty
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Senior Fellows/Fellows

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Pandemic

Long Social Distancing

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO
More than ten percent of Americans with recent work experience say they will continue social distancing after the COVID-19 pandemic ends, and another 45 percent will do so in limited ways. We uncover this Long Social Distancing phenomenon in our monthly Survey of Working Arrangements and Attitudes. ...
Keywords: Social distancing, infection worries, pandemic, labor force participation, potential output, college
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