Webinar Series

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

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Dec 2021

Merger Analysis in the App Economy: An Empirical Model of Ad-Sponsored Media

Kohei KAWAGUCHI, Toshifumi KURODA, Susumu SATO
In the mobile app market, multiple monetizing policies such as paid and free ad-sponsored models co-exist. This paper proposes a novel model of ad-sponsored media with endogenous business model choice, that is applicable to the mobile app industry. The model defines an equilibrium over consumers’ ...
Keywords: Merger simulation, market definition, SSNIP, antitrust policy, ad-sponsored media, platform transaction fee, app economy, distributed word representation.
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Webinar Series

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Pandemic

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May 2020

Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?

Veronica GUERRIERI, Guido LORENZONI, Ludwig STRAUB, Iván WERNING
We present a theory of Keynesian supply shocks: supply shocks that trigger changes in aggregate demand larger than the shocks themselves. We argue that the economic shocks associated to the COVID-19 epidemic—shutdowns, layoffs, and firm exits—may have this feature. In one-sector economies supply...
Keywords: 2019-nCoVCOVID-19, Disease Outbreak, Supply Shocks, Demand Shortages, Macroeconomic Implications
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Webinar Series

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Capital Market Development: China and Asia

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Nov 2024

Large Language Models and Return Prediction in China

Lin TAN, Huihang WU, Xiaoyan ZHANG
We examine whether large language models (LLMs) can extract contextualized representation of Chinese public news articles to predict stock returns. Based on representativeness and influences, we consider seven LLMs: BERT, RoBERTa, FinBERT, Baichuan, ChatGLM, InternLM, and their ensemble model. We sh...
Keywords: return prediction, news articles, large language models, information efficiency, Chinese stock market
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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, 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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Capital Market Development: China and Asia

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Jan 2022

Investing with the Government: A Field Experiment in China

Emanuele COLONNELLI, Bo LI
This paper studies the demand for government participation in financial markets. Focusing on the venture capital and private equity industry in China, the authors design a non-deceptive field experiment in collaboration with the leading industry organization, through which the authors conduct 1,00...
Keywords: Financial markets, Venture Capital, private equity, political inteference
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