Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2017

Government Employment Guarantee, Labor Supply and Firms Reaction: Evidence from the Largest Public Workfare Program in the World

Sumit AGARWAL, Shashwat ALOK, Prasanna TANTRI, Yakshup CHOPRA
Using establishment-level data, we examine the impact of the Indian government’s employment guarantee program on labor and firm behavior. We exploit the staggered implementation of the program for identification and find that the program led to a 10% reduction in the permanent workforce in firms. ...
Keywords: Workfare, Labor Markets, Labor Supply, Labor Scarcity, Capital Investments, Labor and Finance, Labor-Technology Substitution, firm performance, MNREGA, NREGS, NREGA
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Annual Conference

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Investment Finance

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May 2017

Leverage

Pietro VERONESI, Tano SANTOS
Many stylized facts of leverage, trading, and asset prices follow from a frictionless general equilibrium model that features agents’ heterogeneity in endowments and habit preferences. Our model predicts that aggregate debt increases in good times when stock prices are high, return volatility is l...
Keywords: Risk Preferences, Leverage, Heterogeneity, Intermediary
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Annual Conference

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Investment Finance

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May 2017

How Smart is Institutional Trading?

Jianfeng HU, JinGi HA
We estimate daily aggregate order flow at the stock level from all institutional investors as well as for hedge funds and the other institutions separately. We achieve this by extrapolating the relation between quarterly institutional ownership in 13F filings, aggregate market order imbalance in TAQ...
Keywords: Institutional trading, hedge funds, Trading behavior
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Annual Conference

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Corporate Finance

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May 2017

Institutional Bidding in IPO Allocation: Evidence from China

Tiecheng LENG, Bo LIU, William MEGGINSON, Xiaping CAO
Using a proprietary database of institutional investor bidding for shares in Chinese IPO allocations, we examine the information content and predictive ability of bidding dispersion. IPOs with higher levels of bid dispersion experience greater first-day return than other IPOs by discounting the offe...
Keywords: dispersion, divergence of opinion, institutional investors, Book building, Initial public offering, IPO underpricing, China, Auction
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Annual Conference

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Corporate Finance

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May 2017

Is the Chinese Anti-Corruption Campaign Effective?

Shu TAO, John GRIFFIN, Clark LIU
Chinese firms with characteristics commonly associated with corporate self-dealing are more likely to have executives investigated by the anti-corruption campaign. University affiliations with the top current leaders are associated with a reduced probability of investigation, but general political a...
Keywords: Anti-Corruption Campaign, China, corporate culture
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