Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

The Effect of New Information Technologies on Asset Pricing Anomalies

David HIRSHLEIFER, Liang MA
We test and compare the effects of introduction of two new financial information technologies, EDGAR and XBRL, on well-known asset pricing anomalies often attributed to mispricing. EDGAR facilitates easier access to public accounting information about public firms; XBRL reduces the cost of processin...
Keywords: financial information technologies, anomalies, limited attention, limited processing power, stacked difference-in-differences, EDGAR, XBRL
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2016

The effect of anti-corruption campaign on shareholder value in a weak institutional environment: Evidence from China

Bin KE, Na LIU, Song TANG
We examine the impact of Chinese President Xi Jinping’s anti-corruption campaign on shareholder value of publicly listed Chinese firms. We find that the anticorruption campaign reduces the profitability of the firms that sell luxury goods and services. The anti-corruption campaign helps reduce exc...
Keywords: China, anti-corruption regulation, SOE, firm performance, event study
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

The Economics of Hedge Funds

Neng WANG, Jinqiang YANG, Yingcong LAN
Hedge fund managers trade off the benefits of leveraging on the alpha-generating strategy against the costs of inefficient fund liquidation. In contrast to the standard risk-seeking intuition, even with a constant-return-to-scale alpha-generating strategy, a risk-neutral manager becomes endogenously...
Keywords: high-water mark (HWM), alpha, management fees, incentive fees, liquidation risk, new money flow
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

The COVID-19 pandemic and unemployment: Evidence from mobile phone data from China

Yongheng DENG, Panle Jia BARWICK, Shanjun LI, Teng LI, Xinfei HUANG
Based on mobile phone records for 71 million users and location tracking information for one million users over two years, this study examines the labor market impacts of the COVID-19 pandemic in China’s Guangdong province, whose GDP is larger than all but the top 12 countries in the world. Using ...
Keywords: COVID-19, Mobile Phone, Recovery, Unemployment
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

The Cost of the COVID-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending

Olivier COIBION, Yuriy GORODNICHENKO, Michael WEBER
We study how the differential timing of local lockdowns due to COVID-19 causally affects households’ spending and macroeconomic expectations at the local level using several waves of a customized survey with more than 10,000 respondents. About 50% of survey participants report income and wealth lo...
Keywords: Subjective expectations, consumer spending, Labor market, Employment, COVID -19, Surveys
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