Senior Fellows/Fellows

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Senior Fellows/Fellows

Shared Analyst Coverage: Unifying Momentum Spillover Effects

David HIRSHLEIFER, Usman ALI
Identifying stock connections by shared analyst coverage, we find that a connected-stock (CS) momentum factor generates a monthly alpha of 1.68% (t = 9.67). In spanning regressions, the alphas of industry, geographic, customer, customer/supplier industry, single- to multi-segment, and technology mom...
Keywords: cross-asset momentum, industry momentum, geographic momentum, customer momentum, supplier momentum, Technology momentum, complicated firms
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

Service Quality in Financial Intermediaries

Wenlan QIAN, David REEB, Jiang CHENG
We investigate the role of intermediary ownership form in providing reliable financial services to consumers. Exploiting a novel dataset of the universe of consumer complaints to state regulators, we find significant differences between stock and mutual insurers in the number of complaints made abou...
Keywords: Intermediary Transparency, Insurance, Consumer Financial Protection
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Senior Fellows/Fellows

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2026

Scaling Sustainable Investing in Emerging and Developing Economies: Frictions and Opportunities

Caroline FLAMMER, Thomas GIROUX, GEOFFREY M. HEAL
Mobilizing private capital at scale is critical for financing sustainable development, particularly in emerging and developing economies (EMDEs), where capital is most needed. We conduct a global survey of senior investment decision-makers across a broad spectrum of capital providers, including asse...
Keywords: sustainable finance, blended finance, catalytic capital, impact investing, EMDEs, Global South, sustainable development
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Rural-Urban Migration, Structural Transformation, and Housing Markets in China

Ping WANG, Yang TANG, Carlos GARRIGA, Aaron HEDLUND
This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a newly developed multi-sector heterogeneous agent equilibrium model that features migration and a rich housing market structure with mortgages. U...
Keywords: Migration, Structural Transformation, Housing.
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2018

Roads and Loans

Sumit AGARWAL, Abhiroop MUKHERJEE, S. Lakshmi NAARAAYANAN
Does financing respond to changes in productive opportunities, even for the world's poor? We answer this question by examining the response of private bank financing to a rural infrastructure program in India, which brought road access to unconnected villages. The program prioritized roads for villa...
Keywords: Finance and growth, Infrastructure development and finance, Rural lending
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