Annual Conference

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Economic Transformation of Asia

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May 2017

A Structural Estimation of the Return to Infrastructure Investment in China

Guiying Laura WU, Zhifeng WANG, Qu FENG
This paper develops a model of endogenous productivity to examine the impact of public infrastructure investment on output. It matches firm-level production data with province-level infrastructure data to address a set of wellknown identification issues in the literature, and employs a structural es...
Keywords: Public Infrastructure Investment, Productivity, Rate of Return, Resource Reallocation
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2017

Exploring the Link between the Macroeconomic and Financial Cycles

Adam CAGLIARINI, Fiona PRICE
abstract not available
Keywords: Business cycle, financial cycle, spectral analysis
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Annual Conference

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Investment Finance

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May 2017

Patent Thickets, Stock Returns, and Conditional CAPM

Po-Hsuan HSU, Hsiao-Hui LEE, Tong ZHOU
When firms innovate on the basis of prior patents dispersedly owned by different patent assignees, the fragmented patent ownership results in patent thickets that adversely affect the commercialization of these firms’ inventions. We develop a real option model that suggests a negative effect of pa...
Keywords: Patent Thicket, Technology Application, Litigation, New Product, Stock Return
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Annual Conference

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Economic Transformation of Asia

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May 2017

Feeding China's Rise: The Growth Effects of Trading with China 1993:2011 

Thomas ZYLKIN
I construct a dynamic, multi-sector model of trade and growth and use it to quantify how China’s rapid expansion of trade over the last two decades has contributed to world economic growth. The model notably features a rich interplay between changes in sectoral-level trade and the usage of each se...
Keywords: Quantifying China’s Impact, International trade, Trade and Growth, Trade and Capital Accumulation
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2017

Geographic Diversification and Banks Funding Costs

Chen LIN, Wensi XIE, Ross LEVINE
We assess the impact of the geographic expansion of bank assets on the cost of banks’ interest-bearing liabilities. Existing research suggests that expansion can both intensify agency problems that increase funding costs and facilitate risk diversification that decreases funding costs. Using a new...
Keywords: banking, banking regulation, Funding Cost, Financial stability
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