Annual Conference

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Accounting

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May 2018

Traveling Governance Effect of Shareholder Activism: Evidence from Clawback Provision Adoption

C.S. Agnes CHENG, Gang HU, Zeyu SUN, Jing XIE
We find that firms held by an institutional activist blockholder (IAB) are more likely to adopt clawback provisions when more of other firms held by the same IAB have adopted. This effect is stronger when peers adopt a strong form of clawback and maintain longer peer relations, for firms with more p...
Keywords: shareholder activism, Spillover Effect, Clawback Provision, institutional investors
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Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2021

Transport Infrastructure and Productivity: The China Experience

Meijun QIAN, Steven J. DAVIS
China has undertaken massive investments in its surface transportation system since the early 1990s, continuing to the present day. We study the impact of these public investments on plant productivity and resource allocation efficiency. We first collect and geocode highly detailed data on China’s...
Keywords: Transport infrastructure, productivity, dispersion, allocative efficiency, China.
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Annual Conference

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Investment Finance

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May 2018

Trading by Crossing

Yue-Cheong CHAN, Jennifer CONRAD, Gang HU, Sunil WAHAL
We study actual trading transactions that are darker than all “dark pools,” as they are truly invisible to the marketplace both pre- and post-trade. Using a proprietary dataset of institutional trades, we analyze internal crosses – transactions which allow institutions to match purchases and s...
Keywords: Institutional trading, Cross Trading, Inter-Fund Trade, Asset Management, Economies of Scale, Trading Cost, Best Execution
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Annual Conference

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Economic Transformation of Asia

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May 2016

Trade, Migration and Productivity: A Quantitative Analysis of China

Trevor TOMBE, Xiaodong ZHU
We study how goods- and labor-market frictions affect aggregate labor productivity in China. Combining unique data with a general equilibrium model of internal and international trade, and migration across regions and sectors, we quantify the magnitude and consequences of trade and migration costs. ...
Keywords: Migration, internal trade, spatial misallocation, gains from trade, China
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Trade Wars, Currency Wars

Michael B. DEVEREUX, Aurelien EYQUEM, Stephane AURAY
For most of the post WWII period, until recently, trade protectionism followed a downward trend, and was formulated in multilateral or bilateral agreements between countries. Recently however, there hasbeen a sharp shift towards unilateral, discretionary trade policy focused on short term macroecono...
Keywords: Protectionism, currency wars, Trade Wars
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