Webinar Series

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Capital Market Development: China and Asia

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Aug 2022

Containing the COVID-19 pandemic by non-pharmacological interventions is costly. Using high-frequency, city-to-city truck flow data, this paper estimates the economic cost of lockdown in China, a stringent but effective policy. By comparing the truck flow change in the cities with and without lockdo...
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Webinar Series

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Capital Market Development: China and Asia

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Jul 2022

We study the impact of a national road construction program that brought access to previously unconnected pincodes in India, on stock market participation. Using a unique dataset on the trading behavior of over 13 million individuals, we find that construction of new feeder roads to a pincode increa...
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Webinar Series

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Capital Market Development: China and Asia

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Jun 2022

Payment firms have experienced an exceptional growth over the past decade, with payment firms’ market capitalization now exceeding the combined market capitalization of all banks in the U.S. We show that stock returns of payment firms are strongly correlated with stock returns of ECommerce firms. ...
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Apr 2022

Despite the explosive growth of cryptocurrencies, whether the underlying technology adds significant value and will thus sustain broad adoption remains unclear. Using proprietary data on firm-level blockchain records from 2015 to 2021, we conduct the first large-sample study linking blockchains to f...
Keywords: Alternative Data, Blockchain, Digitization, Disclosure, Nowcasting
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Little research exists on matching CEOs and directors. We find female independent directors (IDs) strengthen the benefits of overconfident (OC) CEOs. Female IDs reduce excess capital expenditures and less profitable acquisitions, increase R&D, and mitigate excessive risk taking. They impose grea...
Keywords: Female independent directors, Gender-diverse board, Directors’ death, Male independent directors, Bo
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