Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2017

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes

Zhiguo HE, Zhuo CHEN, Chun LIU
The upsurge of shadow banking is typically driven by rising financing demand from certain real sectors. In China, the 4 trillion yuan stimulus package in 2009 was behind the rapid growth of shadow banking after 2012, expediting the development of Chinese corporate bond markets in the poststimulus pe...
Keywords: Local Government Financing Vehicles, Municipal Corporate Bonds, Shadow Banking in China
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Economic Transformation of Asia

|

May 2017

Cross Country Income Differences and the Distinction between Cognitive and Non-Cognitive Human Capital

Xiang CHONG, Stephen YEAPLE
The quality of a countryís educational infrastructure is a crucial determinantof economic well-being. Therefore, the comparisons of the relative strength andweakness of educational systems across countries are critical for both academic research and policy-making. A common approach measures the com...
Keywords: Human capital, Global Economy, Educational Systems
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2017

The Role of Big 4 Auditors in the Global Primary Market: Does Audit Quality Matter Most When Investors Are Protected Least?

Charles SHI, Inder KHURANA TRULASKE, Chenkai NI
This study examines the informational effect of audit quality on IPO underpricing in the global primary market. Using a comprehensive sample of 14,029 IPOs from 37 countries over a period of 1995 to 2014, we document that IPOs audited by Big 4 auditors are on average significantly less underpriced t...
Keywords: Audit quality, Big 4 versus non-Big4 auditors, Cost of going public, Information asymmetries, IPO underpricing, Legal institutions
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2017

The Value of Offshore Secrets: Evidence from the Panama Papers

Stefan ZEUME, James ODONOVAN, Hannes WAGNER
We exploit one of the largest data leaks, to date, to study whether and how firms use secret offshore vehicles. From the leaked data, we identify 338 listed firms as users of secret offshore vehicles and document that these vehicles are used to finance corruption, avoid taxes, and expropriate shareh...
Keywords: Panama Papers, tax havens, offshore vehicles, Corruption, tax evasion.
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance, Senior Fellows/Fellows

|

May 2017

Tracking Retail Investor Activity

Ekkehart BOEHMER, Xiaoyan ZHANG, Charles M. JONES
We provide an easy way to use recent, publicly available U.S. equity transactions data to identify retail purchases and sales. Based on retail order imbalances, we find that retail investors are informed at horizons up to 12 weeks. Individual stocks with net buying by retail investors outperform sto...
Keywords: retail investors, price improvement, return predictability
  • View
  • Download
  • Bookmark
  •    |