Annual Conference

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Corporate Finance

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May 2019

Free-riders and Underdogs: Participation in Corporate Voting

Moqi GROEN-XU, Konstantinos E. ZACHARIADIS, Dragana CVIJANOVIC
Voting outcomes can differ from underlying preferences due to selection into voting. One source of such selection is lower participation of shareholders with popular preferences (free-rider effect) relative to that of those with unpopular preferences (underdog effect). We illustrate these strategic ...
Keywords: voting participation, Corporate governance, Shareholder Proposals, shareholder democracy, structural estimation
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Annual Conference

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Corporate Finance

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May 2019

Are Tokens Securities? An Anatomy of Initial Coin Offerings

Evgeny LYANDRES, Daniel RABETTI, Berardino PALAZZO
We construct a comprehensive dataset of initial coin offerings (ICOs) to study the determinants of ICO success, post-ICO returns, volatility and liquidity, and evolution of ICO-backed-ventures’ social media activity and productivity. Most of our results for ICOs are consistent with empirical regul...
Keywords: Token, initial coin offerings, volatility, liquidity
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Annual Conference

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Corporate Finance

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May 2019

Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China

Alberto MANCONI, Fabio BRAGGION, Haikun ZHU
We study whether and to what extent peer-to-peer (P2P) credit helps circumvent loan-tovalue (LTV) caps, a key macroprudential tool to contain household leverage. We exploit the tightening of mortgage LTV caps in a number of cities in China in 2013 as our testing ground, in a difference-in-difference...
Keywords: peer-to-peer credit, household leverage, macroprudential regulation, loan-tovalue caps
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2019

On the Rise of FinTechs - Credit Scoring using Digital Footprints

Manju PURI, Ana GOMBOVIC, Valentin BURG, Tobias BERG
We analyze the information content of the digital footprint – information that people leave online simply by accessing or registering on a website – for predicting consumer default. We show that even simple, easily accessible variables from the digital footprint match the information content of ...
Keywords: FinTech, Lending, Unbanked Households, Privacy, Credit Bureau Scores
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2019

Financial Globalization vs. Income Inequality: The Surprising Role of Foreign Portfolio Flows in Taming the Top 1%

Hong ZHANG, Massimo MASSA, Si CHENG, Gur AMINADAV
We document a surprising finding that foreign portfolio inflows delegated through global mutual funds reduce the income of the top 1%. To rationalize this observation, we utilize a comprehensive database on the worldwide ownership of private and public firms for 2001–2013 to trace income inequalit...
Keywords: Financial Globalization, Income inequality, Delegated Portfolio Management, Mutual Funds
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