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Webinar Series

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Capital Market Development: China and Asia

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Jul 2022

Road to Stock Market Participation

Sumit AGARWAL, Pulak GHOSH, Meghana AYYAGARI, Yuxi CHENG
We study the impact of a national road construction program that brought access to previously unconnected pincodes in India, on stock market participation. Using a unique dataset on the trading behavior of over 13 million individuals, we find that construction of new feeder roads to a pincode increa...
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Webinar Series

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Capital Market Development: China and Asia

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Jun 2022

On the Rise of Payment Firms

Manju PURI, Valentin BURG, Tobias BERG, Jan KEIL
Payment firms have experienced an exceptional growth over the past decade, with payment firms’ market capitalization now exceeding the combined market capitalization of all banks in the U.S. We show that stock returns of payment firms are strongly correlated with stock returns of ECommerce firms. ...
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Apr 2022

Blockchain without Crypto? Linking On-Chain Data Growth to Firm Fundamentals and Stock Returns

Lin William CONG, Ran CHANG
Despite the explosive growth of cryptocurrencies, whether the underlying technology adds significant value and will thus sustain broad adoption remains unclear. Using proprietary data on firm-level blockchain records from 2015 to 2021, we conduct the first large-sample study linking blockchains to f...
Keywords: Alternative Data, Blockchain, Digitization, Disclosure, Nowcasting
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Mar 2022

Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking

Ye LI, Simon MAYER
Stablecoins are at the center of debate surrounding decentralized finance. We develop a dynamic model to analyze the instability mechanism of stablecoins, the complex incentives of stablecoin issuers, and regulatory proposals. The model rationalizes a variety of stablecoin management strategies comm...
Keywords: Stablecoin, instability, regulation, decentralized finance, cash holdings, q-theory
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2022

What Gets Measured Gets Managed: Investment and the Cost of Capital

Zhiguo HE, Baolian WANG, Guanmin LIAO
We study the impact of government-led incentive systems by examining a staggered reform in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using return on equity (ROE) to economic value added (EVA) wh...
Keywords: CEO compensation, Capital budgeting, Cost of Capital, Corporate governance, Economic reform, Transition economy
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