Senior Fellows/Fellows

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Senior Fellows/Fellows

The UMO (Undervalued Minus Overvalued) Factor

David HIRSHLEIFER, Danling JIANG
This document provides an overview of the UMO factor. It describes its motivation, construction, and how to obtain it and use it. Behavioral theories suggest that investor misperceptions and market mispricing will be correlated across firms. The UMO factor uses equity and debt financing to identify ...
Keywords: Misvaluation Factor, New Issues, Repurchases, External Financing, Return Predictability
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Apr 2022

The Shift to Remote Work Lessens Wage-Growth Pressures

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO, Brent MEYER, Emil MIHAYLOV
The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of U.S. employers, and we develop novel survey da...
Keywords: Remote work, amenity value, wage growth, inflation dynamics, recession risk, business expectations, labor’s share of national income, wage compression
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Webinar Series

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Senior Fellows/Fellows, Pandemic

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May 2020

The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic

Kai LI, Xing LIU, Feng MAI, Tengfei ZHANG
After fitting a topic model to 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period January 22 to April 30, 2020, we obtain firm-level measures of exposure and response related to COVID-19 for 2,894 U.S. firms. We show that despite the large negative impact of COVID-19 on their...
Keywords: corporate culture, COVID-19, Pandemic, demand, supply chain, employees, community, digital transformation, new product development, Human capital, machine learning, topic modeling, correlated topic model
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

The Real Impact of FinTech: Evidence from Mobile Payment Technology

Sumit AGARWAL, Wenlan QIAN, Bernard YEUNG, Yuan REN, Hsin-Tien TSAI
We utilize the introduction of a mobile payment technology by the largest bank in Singapore in 2017 to study how mobile payment technology reshapes economic activities and stimulates business creation. After the introduction, business-to-consumer industries witnessed a higher growth rate of business...
Keywords: FinTech, Mobile payment, Cash, Credit card, Real effect, Small business, Business creation, Entrepreneurship, Consumption, banking, Digital economy, Transaction cost, Inclusive growth
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2018

The Political Economy Consequences of China's Export Slowdown

Davin CHOR, Filipe CAMPANTE, Bingjing LI
We study how adverse economic shocks influence political outcomes in authoritarian regimes in strong states, by examining the 2013-2015 export slowdown in China. We exploit detailed customs data and the variation they reveal about Chinese prefectures’ underlying exposure to the global trade slowdo...
Keywords: Political economy, export slowdown, economic shocks
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