Annual Conference

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Economic Transformation of Asia

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May 2015

Rising Intergenerational Income Persistence in China

Junsen ZHANG, Fan YI, Junjian YI
This study attempts to provide the first systematical analysis of the temporal patterns of crosssectional inequality and intergenerational mobility amid China’s economic transition and growth. First, we estimate the declining pattern of intergenerational mobility in income and education with respe...
Keywords: The Great Gatsby curve, cross-sectional inequality, intergenerational mobility
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

The Information Value of Sovereign Credit Rating Reports

Sumit AGARWAL, Vincent CHEN, Weina ZHANG, Geoffrey SIM
We examine the information value of sovereign credit rating reports issued by Moody’s in the sovereign credit default swaps (CDS) markets across 70 countries from 2003 to 2013. We find that the negative linguistic tone in the reports contains new information beyond credit rating actions. We code t...
Keywords: Eurozone Sovereign Debt Crisis, Linguistic Tone, Naïve Bayesian Algorithm;
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

The Transmission of Monetary Policy through Redistributions and Durables Purchases

Silvana TENREYRO, Vincent STERK
Using a tractable OLG model with government debt, we study a redistribution channel for the transmission of monetary policy. Expansionary open-market operations generate a negative wealth effect, increasing households’ incentives to save and pushing down the real interest rate. This leads to a sub...
Keywords: Open market operations, Durables, Heterogeneous agents
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Annual Conference

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Economic Transformation of Asia

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May 2015

To build above the limit? Implementation of land use regulations in urban China

Qinghua ZHANG, Wang ZHI, Cai HONGBIN
This paper studies the implementation of land use regulations in urban China. In particular, we investigate land developers’ compliance with floor-to-area ratio (FAR) regulations using a unique set of residential land parcel data from 30 major Chinese cities matched with the corresponding resident...
Keywords: Floor-to-area ratios, Land development, Compliance, Corruption, China
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Annual Conference

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Accounting

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May 2015

What Determines Auditors' Career Outcomes?

Bin KE, Xianjie HE
Taking advantage of a unique data set from China about individual auditors’ personal backgrounds, we examine the factors that affect auditors’ demotion and promotion outcomes. We find that ability, accounting knowledge, and on-the-job performance all matter in auditors’ demotions and promotion...
Keywords: auditors, promotion, demotion, gender, China
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