Annual Conference

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Trade, Growth and Development

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May 2021

Trade Wars and Industrial Policy along the Global Value Chains

Xiaodong ZHU, Zi WANG, Hong MA, Jiandong JU
We provide a quantitative evaluation of the welfare impacts of the US-China trade conflict starting in 2018. We first document that the first wave of tariffs on China imposed by the Trump administration targeted China’s Industrial Policy rather than Chinese imports. They are concentrated on high t...
Keywords: Trade Policy, Industrial Policy, Economies of Scale, Substitutability in Input-Output Networks.
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Annual Conference

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Trade, Growth and Development

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May 2021

Geographic Fragmentation in a Knowledge Economy: Theory and Evidence from the United States

Lin TIAN , Yang JIAO
We study how the rise in cross-city joint productions (or “geographic fragmentation”)—facilitated by advancements in communication technologies—shapes the spatial skill distribution in the United States. Motivated by observations that large cities became disproportionately skill intensive an...
Keywords: Joint productions, communicaton technologies, skill, wages
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2021

FinTech Platforms and Mutual Fund Distribution

Claire Yurong HONG, Xiaomeng LU, Jun PAN
This paper studies the economic impact of the emergence of FinTech platforms on financial intermediation. In China, platform distributions of mutual funds emerged in 2012 and grew quickly into a formidable presence. Utilizing the staggered fund entrance onto platforms, we find markedly increased flo...
Keywords: Mutual Funds, Platforms, FinTech, Flow-Performance Sensitivity
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Annual Conference

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Investment Finance

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May 2021

Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?

Frank Weikai LI, Tinghua DUAN, Quan WEN
This paper examines the pricing of a firm's carbon risk in the corporate bond market. Contrary to the "carbon risk premium" hypothesis, bonds of more carbon-intensive firms earn significantly lower returns. This effect cannot be explained by a comprehensive list of bond characteristics and exposure ...
Keywords: Climate Change, Carbon emissions, Corporate bond returns, ESG investing
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Annual Conference

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Investment Finance

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May 2021

Smart(Phone) Investing? A within Investor-Time Analysis of New Technologies and Trading Behavior

Andreas HACKETHAL, Alessandro PREVITERO, Benjamin LOOS, Ankit KALDA
Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones increase the purchase of riskier, lottery-type, non-diversifying assets, and of p...
Keywords: FinTech, investor behavior, financial risk-taking, lottery-type assets, investment biases, trend chasing, spillover effects
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