Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2019

Hard to say goodbye to yesterday: war memories, patriotism, and individual investors’ investment preferences

Yupeng LIN, Bin KE, Weibiao XU, Hong TU
We examine whether memories of interstate wars that occurred long ago, transmitted across generations, affect the stock investment decisions of individuals who never experienced the wars themselves. Using the Second Sino-Japanese War over 1931-1945 as a setting, we find that war memories have a sign...
Keywords: Interstate war, stock investment, nonpecuniary preferences, intergenerational
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2018

Hacking Reverse Mortgages

Deborah LUCAS
Reverse mortgages allow retirees to access a portion of their home equity to meet spending needs while insuring that they can age in place. In the U.S., almost all reverse mortgages are in the form of a Home Equity Conversion Mortgage (HECM)--a product designed and administered by the federal govern...
Keywords: Reverse mortgage, government credit programs
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

Hong ZHANG, Yi DONG, Massimo MASSA
The rise of social media has encouraged guru dreams because of the low entry barrier and highly skewed distribution of public attention that characterize social media. The pursuit of guru status, however, may be achieved through information provision or cheap talk, and competition inherent to social...
Keywords: Blogs, Social media, Information provision, Competition
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Growing the Efficient Frontier on Panel Trees

Lin William CONG, Guanhao FENG, Jingyu HE, Xin HE
We develop a new class of tree-based models (P-Trees) for analyzing (unbalanced) panel data using economically guided, global (instead of local) split criteria that guard against overfitting while preserving interpretability. To generalize security sorting and better estimate the efficient frontier,...
Keywords: Asset Pricing, Decision Tree, Factors, Interpretable AI, Investment
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2018

Growing Pains in Chinese Social Security System

Hanming FANG, Jingyi ZHANG
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