Webinar Series

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Capital Market Development: China and Asia

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Feb 2023

Judicial Independence, Local Protectionism, and Economic Integration: Evidence from China

Yi LU, Ernest LIU, Shaoda WANG, Wenwei PENG
We show that judicial independence can reduce local protectionism and foster crossregional economic integration. We exploit a judicial independence reform in China with staggered roll-out since 2014. The reform removed local governments’ control over local courts’ financial and personnel decisio...
Keywords: judicial independence, local protectionism, economic integration
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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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Jan 2023

The Supply and Demand for Data Privacy: Evidence from Mobile Apps

Huan TANG, Bo BIAN, Xinchen MA
This paper investigates how consumers and investors react to the standardized disclosure of data privacy practices. Since December 2020, Apple has required all apps to disclose their data collection practices by filling out privacy “nutrition” labels that are standardized and easy to read. We we...
Keywords: Privacy labels, App Tracking Transparency policy, Data protection, Mobile apps, Product markets, Eve
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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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Dec 2022

Crowdsourcing Peer Information to Change Spending Behavior

Michael WEBER, Francesco DACUNTO, Alberto G. ROSSI
We isolate and quantify the information channel of peer effects using a unique consumption setting that by construction excludes any scope for common shocks or social pressure—a transaction-level panel dataset of spending paired with crowdsourced information about the spending of anonymous “peer...
Keywords: Social Learning, Beliefs and Expectations, FinTech, Robo-advising, Social Finance, Information Economics, Household Finance
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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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Nov 2022

RegTech

Ben CHAROENWONG, Alan KWAN, Zachary T. KOWALESKI, Andrew G. SUTHERLAND
Compliance-driven investments in technology—or “RegTech”—have grown rapidly in recent years. To understand these investments, we study how financial institutions respond to new internal control requirements. First, we show that affected firms make significant investments in enterprise resour...
Keywords: RegTech, FinTech, technology adoption, financial regulation, compliance, internal controls, compleme
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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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Oct 2022

Why Are Small Businesses Slow to Adopt Profitable Opportunities?

Sean HIGGINS, Paul J. GERTLER, Ulrike MALMENDIER, Waldo OJEDA
Why are small businesses often slow to adopt new profitable opportunities, even in the absence of informational frictions, fixed costs, or misaligned incentives? We explore three potential mechanisms: present bias, memory, and trust in other firms. In partnership with a financial technology (FinTech...
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