AMPF Papers

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Keynotes

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May 2023

Housing, Household Debt, and the Business Cycle An Application to China and Korea

Amir SUFI
A rise in household debt in the medium run produces a boom-bust pattern in economic activity, and the subsequent downturn after a large rise in household debt can be especially painful (e.g., Mian, Sufi and Verner (2017), Mian and Sufi (2018), Mian, Sufi and Verner (2020)). The original research sho...
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Annual Conference

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Sustainable and Green Finance

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May 2023

Impact Investing and Venture Capital Industry: Experimental Evidence

Ye ZHANG
This paper studies the effect of startups’ ESG characteristics on venture capitalists’ investments by linking investors’ behavior in an incentivized experiment to their real-world portfolio data. I find that investors perceive impact ventures to be less profitable and harder to evaluate than s...
Keywords: Sustainable Finance, Field Experiments, Venture Capital, Entrepreneurship
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Annual Conference

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Sustainable and Green Finance

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May 2023

ESG Shocks in Global Supply Chains

Emilio BISETTI, Guoman SHE, Alminas ZALDOKAS
We show that U.S. firms cut imports by 11.1% and are 4.2% more likely to terminate a trade relationship when their international suppliers are hit by environmental and social (E&S) scandals. These trade cuts are larger for publicly-listed U.S. importers facing high E&S investor pressure and ...
Keywords: ESG, environmental scandals, global supply chains, regulatory outsourcing, shareholder pressure
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Annual Conference

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Sustainable and Green Finance

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May 2023

Carbon Stock Devaluation

Darwin CHOI, Gao ZHENYU, Wenxi JIANG, Hulai ZHANG
Using global evidence, we show that high-emission firms tend to have lower price valuation ratios than low-emission firms in the same country, especially in recent years. The price gap coincides with heightened climate awareness following local natural disasters, as well as with the divestment from ...
Keywords: Price Valuation, Divestment, Climate Awareness, Carbon Emissions, Green Innovation
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Annual Conference

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Sustainable and Green Finance

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May 2023

The Rise of Corporate Social Responsibility: When Firms Set Personalized Prices for Network Goods

Yan XIONG, Liyan YANG
We propose a theory of corporate social responsibility by linking it to the firm’s product markets. The firm’s product exhibits network effects in the sense that the product’s value to each consumer increases with the number of consumers. Moreover, with the technology development, the firm can...
Keywords: Corporate social responsibility, network effect, personalized pricing, coordination
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