Senior Fellows/Fellows

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Senior Fellows/Fellows

Microfinance and Entrepreneurship at the Base of the Pyramid

Pushan DUTT, Jasjit SINGH
There continues to be substantial debate on whether and how providing inclusive access to finance through microcredit promotes entrepreneurship-led development at the base of the pyramid. We contribute to this literature by examining differences in household-level outcomes associated with microfinan...
Keywords: Necessity Entrepreneurship, Microenterprise, Microfinance, Microcredit, Base of the Pyramid (BOP), Emerging Economies, economic development, Access to Finance
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2019

Measuring Mispricing in the Global Market A New Perspective

Hong ZHANG, Massimo MASSA, Yang (Gloria) YU
The determination of asset prices and the identification of related economic grounds are considerately more intricate in the global market due to the potential market segmentation and frictions. In this paper, we propose and test a novel intuition that cross-country mispricing can be identified when...
Keywords: mispricing, Segmented markets, ADR
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Measuring Economic Policy Uncertainty

Steven J. DAVIS, Scott R. BAKER, Nicholas A. BLOOM
We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage frequency. Several types of evidence—including human readings of 12,000 newspaper articles—indicate that our index proxies for movements in policy-related economic uncertainty. Our U.S. index spikes near tigh...
Keywords: economic uncertainty, Policy uncertainty, Business Cycles, fluctuations
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

Mandatory Data Breach Disclosure and Insider Trading

Xiaoli (Shaolee) TIAN, Gilles HILARY, Xi CHEN
Recent data breach have generated concerns that insiders might use cyber risk related nonpublic information in their trading. Using the staggered adoption of data breach notification laws at the state level, we examine whether mandatory breach disclosure affects insider selling behavior. We find tha...
Keywords: Cybersecurity, Data breach, regulation, Disclosure, insider trading
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Senior Fellows/Fellows

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2025

Managing Financial Crises

Gianluca BENIGNO, Alessandro REBUCCI, Aliaksandr ZARETSKI
In this paper, we revisit the question of how to manage financial crises using the framework proposed by Bianchi and Mendoza (2018). We show that this model economy exhibits a multiplicity of constrained-efficient equilibria, which arises because the private shadow value of collateral influences the...
Keywords: constrained efficiency, financial crises, macroprudential policy, optimal policy, pecuniary externalities, time consistency
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