Annual Conference

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Sustainable and Green Finance

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May 2022

Polluted IPOs

Meng MIAO, Zhengyu ZUO, Wei WANG
Using location- and time-specific fine particulate matter pollution (PM2.5) data in Beijing, we document that regulators are more likely to approve IPOs in China on hazy days. Our results are robust to specifications that control for listing firms’ characteristics, the composition of the IPO revie...
Keywords: Air Pollution, IPO, Regulatory Oversight, China, Cognitive Ability, Mood
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Annual Conference

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Sustainable and Green Finance, Senior Fellows/Fellows

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May 2022

Environmental Liabilities, Creditors, and Corporate Pollution: Evidence from the Apex Oil Ruling

Po-Hsuan HSU, Ross LEVINE, Jianqiang CHEN, Pei-Fang HSIEH
We evaluate the impact of the 2008 Apex Oil court decision that made the creditors of some corporations financially liable for the environmental damages caused by specific pollutants. Apex reduced the circumstances under which environmental liabilities were dischargeable in Chapter 11, which generat...
Keywords: environmental liabilities, pollution, creditors, bankruptcy.
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Annual Conference

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Sustainable and Green Finance

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May 2022

Strategic Leadership in Corporate Social Responsibility

Rui ALBUQUERQUE, Luis CABRAL
We propose a strategic theory of Corporate Social Responsibility (CSR). Shareholder maximizers commit to a mission statement that extends beyond firm value maximization. This commitment leads firms to change their actions in ways that ultimately favor shareholders. We thus provide a formal analysis ...
Keywords: Leadership, corporate social responsibility, shareholder model, stakeholder model, externalities, mi
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Annual Conference

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Household Finance

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May 2022

Human Frictions in the Transmission of Economic Policy

Michael WEBER , Francesco DACUNTO, Maritta PALOVIITA, Daniel HOANG
Many consumers below the top of the distribution of a representative population by cognitive abilities barely react to monetary and fiscal policies that aim to stimulate consumption and borrowing, even when they are financially unconstrained and despite substantial debt capacity. Differences in inco...
Keywords: Cognition, Behavioral Macroeconomics, Heterogeneous Agents, Fiscal and Monetary Policy, Beliefs, Red
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Annual Conference

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Household Finance

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May 2022

Political Voice and (Mortgage) Market Participation: Evidence from Minority Disenfranchisement

Arkodipta SARKAR, Nishant VATS, Seongjin PARK
This paper documents the link between political voice and economic decision-making. Combining the dilution of Section 5 of the Voting Rights Act as a shock to the enfranchisement of Black Americans with granular data on the US mortgage market, we document a 14.7% decline in mortgage origination for ...
Keywords: voting rights, mortgages, lending, race, discrimination, fear of rejection, homophily
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