Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

When is foreign exchange intervention effective? Evidence from 33 countries

Lucio SARNO, Marcel FRATZSCHER, Oliver GLOEDE, Lukas MENKHOFF, Tobias STÖHR
This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the...
Keywords: Foreign exchange intervention, exchange rate regimes, effectiveness measures, Communication, capital controls
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Annual Conference

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Accounting

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May 2025

When Home Pride Meets Professional Integrity: Journalists' Strategic Reporting about Hometown Firms under Misconduct Investigations

Jiaxing YOU, Qian LIU, Libin QIN, Jingjing XIA
This study investigates how journalists navigate conflicting social identity demands, specifically the tension between hometown loyalty and professional objectivity, when they report on firms facing financial misconduct investigations. We find that, following the investigation announcement, journali...
Keywords: identity conflicts, journalists, firm misconduct, reputation, media tone
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Annual Conference

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Accounting

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May 2026

When Employees Speak Up: The Role of Confidential Witnesses in Shareholder Litigation of Financial Disclosure Fraud

Szu-fan CHEN, Shiheng WANG, Yue ZHENG
Establishing managers' intent to defraud and providing particulars of misstatements are major hurdles for shareholders in securities class action lawsuits. A common practice to overcome these hurdles is to recruit former employees as confidential witnesses. We study the determinants and consequences...
Keywords: financial disclosure fraud, misstatement, employee confidential witnesses, securities litigation, scienter information, particularity information, Corporate governance
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Annual Conference

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Behavioural, Experimental Economics and Finance

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May 2026

When AI Knows but Still Chooses Wrong: Associative Retrieval in LLM Financial Advice

Xingjian ZHENG
This paper studies whether irrelevant context affects financial recommendations generated by large language models. In a controlled investment experiment, models choose between a safe asset and a risky asset after viewing payoff-irrelevant images, and separately report their probability estimates th...
Keywords: Associative retrieval, Large language model, Behavioral economics, Return Prediction
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

Whatever it takes: The Real Effects of Unconventional Monetary Policy

Viral V. ACHARYA, Tim EISERT, Christian EUFINGER, Christian HIRSCH
Launched in Summer 2012, the European Central Bank’s (ECB) Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic...
Keywords: monetary policy, Zombie Lending, Banking sector, Cash reserves
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