Annual Conference

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Accounting

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May 2018

Making Sense of Soft Information: Interpretation Bias and Ex-post Lending Outcomes

Regina WITTENBERG-MOERMAN, Dennis CAMPBELL, Maria LOUMIOTI
We explore whether cognitive constraints and behavioral biases impede the processing and interpretation of soft information in private lending. Using data from a credit union's internal reporting system, we delineate three constraints and biases likely to affect lending decisions: limited attention,...
Keywords: Soft information, credit outcomes, cognitive constraints, interpretation and processing bias
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Senior Fellows/Fellows

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Senior Fellows/Fellows, 2018

Chairing a Bankosaurus: Has the meteor landed, or can banks evolve and survive

Howard DAVIES
Chairing a Bankosaurus
Keywords: Howard DAVIES (Royal Bank of Scotland)
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AMPF Papers

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Commissioned Paper

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May 2018

Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics

Hyun Song SHIN, Stefan AVDJIEV, Bat-el BERGER
We look back at past episodes of financial stress in Asia with a forward-looking perspective. We put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. We reconstruct a graphical narrative of bank...
Keywords: Stefan AVDJIEV, Bat-el BERGER, Hyun Song SHIN
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Members' Digest

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2018

Sexy or Safe: Why do Predicted Stock Issuers Earn Low Returns?

Charles M. C. LEE
Predicted stock issuers (PSIs) are firms with expected “high-investment and low-profit” (HILP) profiles that earn unusually low returns. We carefully document important features of PSI firms to provide new insights on the economic mechanism behind the HILP phenomenon. Our results show top-PSI fi...
Keywords: Charles M.C. LEE, Ken LI
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AMPF Papers

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Commissioned Paper

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May 2019

The Dollar Hegemon? Implications for Policy Makers

Pierre-Olivier GOURINCHAS
This paper reviews the central role of the US dollar in the global trade, financial and monetary systems. The dominance of the US dollar as an invoicing, issuance, anchor and reserve currency has increased over time, especially so and somewhat paradoxically since the end of the Bretton Woods system....
Keywords: Pierre-Olivier Gourinchas (University of California, Berkeley)
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