Annual Conference

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International Macroeconomics, Money & Banking

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May 2019

A Unified Measure of Fed Monetary Policy Shocks

John ROGERS, Chunya BU, Wenbin WU
We develop a U.S. monetary policy shock series that stably bridges periods of conventional and unconventional policymaking, is largely unpredictable, and contains no significant central bank information effect. We attribute differences between our measure and often-used alternatives to our econometr...
Keywords: Monetary policy shocks, Policymaking, interest rates, inflation
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Annual Conference

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Corporate Finance

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May 2017

Does the Market Correctly Value Investment Options?

Egor MATVEYEV, Evgeny LYANDRES, Alexei ZHDANOV
This paper shows that the stock market misprices firms' investment options. We build a real options model of optimal investment under uncertainty to estimate the value of firms' investment options. We show that firms with valuable investment options have a higher likelihood of being mispriced. Impor...
Keywords: Misvaluation, Investment Options, Optimal Investment, Demand Uncertainty, Future Returns, structural estimation
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2015

Death by Committee? An Analysis of Corporate Board (Sub)-Committees

Renee B. ADAMS, Vanitha RAGUNATHAN, Robert TUMARKIN
Theoretical models of groups suggest that sub-group usage can affect communication among members and group decision-making. To examine the trade-offs from forming sub-groups, we assemble a detailed dataset on corporate boards (groups) and committees (sub-groups). Boards have increasingly used commit...
Keywords: board of directors, Committee, Decision-Making, Sarbanes-Oxley
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2019

Measuring Mispricing in the Global Market A New Perspective

Hong ZHANG, Massimo MASSA, Yang (Gloria) YU
The determination of asset prices and the identification of related economic grounds are considerately more intricate in the global market due to the potential market segmentation and frictions. In this paper, we propose and test a novel intuition that cross-country mispricing can be identified when...
Keywords: mispricing, Segmented markets, ADR
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Annual Conference

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Accounting

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May 2018

Political Corruption and Accounting Choices

Jin ZHANG, Huai ZHANG
Using U.S. Department of Justice data on political corruption convictions, I examine how political corruption affects firms’ earnings management. I find that companies headquartered in more corrupt states manipulate earnings downwards. The findings are robust to six alternative corruption measures...
Keywords: Earnings Management, Political Corruption, Rent Seeking
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