Webinar Series

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Capital Market Development: China and Asia

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Dec 2023

Unraveling the Dividend Puzzle: A Field Experiment

Xiaoqiao WANG, Jing XIE, Xiaofeng ZHAO, Bohui ZHANG
We conduct a field experiment to test four dividend theories. We enhance managers’ perception of investors’ agency concerns, investors’ risk preference, investors’ information demand, and investors’ tax status respectively in four treatment groups. We find that past payers receiving the ag...
Keywords: Dividend policy, Field experiment, Agency costs, Investor Relations
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Webinar Series

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Capital Market Development: China and Asia

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Nov 2023

The Rise of E-Wallets and Buy-Now-Pay-Later: Payment Competition, Credit Expansion, and Consumer Behavior

Lin William CONG, Wenlong BIAN, Yang JI
The past decade has witnessed a phenomenal rise of digital wallets, which is further accelerated by the COVID-19 pandemic. Such e-wallets provide not only a conduit to external bank accounts but also internal payment accounts, including the popular BuyNow-Pay-Later (BNPL). We examine, for the first ...
Keywords: Cashless, Consumer Credit, FinTech, Financial Inclusion, Mobile Wallet
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2023

How Do Firms Withstand a Global Economic Shock: Evidence from Within-Firm Responses

Vyacheslav (Slava) FOS, Xiao CHEN, Wei JIANG
China’s Five-Year Plans (industrial policies targeting specific industries) displace US production/employment and heighten plant closures in the same industries. The shocks were not anticipated by the U.S. stock market, but firms in the treated industries suffer valuation loss afterwards. Firms ad...
Keywords: Within-firm adjustment, global economic shocks
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AMPF Papers

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Policy Note

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May 2023

Fiscal Events and Anchored Inflation Expectations

Ethan ILZETZKI
With inflation surging worldwide, some commentators have speculated whether inflation expectations have become unanchored. This policy note presents a framework to evaluate whether an inflationary spike is due to temporary shifts in policy or the real economy on one hand, or due to an unanchoring of...
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Institutional Collaborator

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Institutional Collaborator

Does Paying Passive Managers to Engage Improve ESG Performance?

Marco BECHT, Julian FRANKS, Hideaki MIYAJIMA, Kazunori SUZUKI
The paper studies a natural experiment in responsible investment conducted by the Japanese Government Pension Investment Fund (GPIF). In 2018 GPIF gave its largest passive manager a remunerated mandate to engage with portfolio companies to improve ESG and adopted best-in-class indexes, rewarding hig...
Keywords: ESG, active ownership, investor stewardship, engagement, ESG indexes, passive managers, portfolio tilting
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