Senior Fellows/Fellows

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Senior Fellows/Fellows, 2017

Is the Chinese Stock Market Really Different-Evidence from Stock Splits in the U.S. and China

Sheridan TITMAN, Chishen WEI, Bin ZHAO
We compare and contrast the Chinese and the U.S. stock markets by analyzing stock price reactions around stock split announcements. Both markets exhibit positive initial stock price reactions on split announcements and positive post-split return drift in the initial 3 months. In the U.S., the positi...
Keywords: Sheridan Titman (University of Texas at Austin), Chishen WEI (Singapore Management University), Bin Zhao (Shanghai Jiao Tong University)
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Policy Uncertainty in Japan

Elif C. ARBATLI, Steven J. DAVIS, Arata ITO, Naoko MIAKE, Ikuo SAITO
We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our ov...
Keywords: Policy uncertainty, Japan, aggregate investment
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Death by Pokemon Go

John J. MCCONNELL, Mara FACCIO
Based on detailed police accident reports for Tippecanoe County, Indiana, and using the introduction of the virtual reality game Pokémon GO as a natural experiment, we document a disproportionate increase in vehicular crashes and associated vehicular damage, personal injuries, and fatalities in the...
Keywords: Vehicular Crashes, Cost of Users Playing Pokémon GO While Driving
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Political Determinants of Competition in the Mobile Telecommunication Industry

Luigi ZINGALES, Mara FACCIO
We study how political factors shape competition in the mobile telecommunication sector. We show that the way a government designs the rules of the game has an impact on concentration, competition, and prices. Pro-competition regulation reduces prices, but does not hurt quality of services or invest...
Keywords: Political Connections, Capture, Antitrust
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Business Groups and Employment

Mara FACCIO, William OBRIEN
Using a newly assembled 50 country firm-level database spanning 19 years, we document that business group affiliated firms display substantially less pronounced fluctuations in employment than unaffiliated firms in response to economic shocks. The results are robust to a variety of tests designed to...
Keywords: business groups, Employment, Business Cycles
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