Annual Conference

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Corporate Finance

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May 2015

Do Family Firms Invest More than Nonfamily Firms in Employee-Friendly Policies?

Jun-Koo KANG, Jungmin KIM
We examine whether family firms invest more in employee relations than nonfamily firms. Using the variation in state-level changes in inheritance, gift, and estate taxes as an exogenous shock to family control, we find that family firms, particularly those in which a founder serves as CEO or those i...
Keywords: Family Firm, Founder, Employee-friendly Policy, Concern Score, Life Cycle, Labor-intensive Industry, Managerial Myopia, Agency Problem, Endogeneity
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

Hong ZHANG, Yi DONG, Massimo MASSA
The rise of social media has encouraged guru dreams because of the low entry barrier and highly skewed distribution of public attention that characterize social media. The pursuit of guru status, however, may be achieved through information provision or cheap talk, and competition inherent to social...
Keywords: Blogs, Social media, Information provision, Competition
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

Information Environment and the Geography of Firms and Investors

Gennaro BERNILE, Johan SULAEMAN, Shimon KOGAN
We develop a model linking stock ownership and returns to the distribution of private information and quality of public information. Supporting the model, we find that the firm’s information environment affects investors’ propensity to hold and trade its stocks, but its effects hinge on investor...
Keywords: Geography, Information Environment, Ownership, Trading, Stock Returns
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Annual Conference

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Corporate Finance

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May 2015

International Liquidity Shocks, the Real Economy, and Social Unrest: China, 1931-1935

Alberto MANCONI, Fabio BRAGGION, Haikun ZHU
What are the social consequences of liquidity shocks? We answer this question relying on a natural experiment from 1930s China, where the money supply contracted as a consequence of the 1933 US Silver Purchase program. Using a novel, hand-collected data set of loan contracts to individual Chinese fi...
Keywords: Silver Purchase program, bank liquidity, social unrest
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Annual Conference

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Investment Finance

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May 2015

Investor Attention: Seasonal Patterns and Endogenous Allocations

Peng LIN, Hongqi LIU
Using a Google search-based measure of investor attention, this paper investigates investor attention patterns and its determinants. We document that investor attention displays strong seasonality. It is significantly lower on Fridays and in summer months. We find that investor attention increases s...
Keywords: limited attention, information processing, attention allocation, information efficiency
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