Annual Conference

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Corporate Finance

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May 2025

Corporate decision-making entails complex, high-dimensional, non-linear stochastic control during which managers learn and adapt via dynamic interactions with the market environment. We propose a data-driven-robust-control (DDRC) framework to complement traditional theory, reduced-form models, and s...
Keywords: AI, Ambiguity, Big Data, Corporate Finance, Deep Learning, Generative Modeling, Inverse RL, Offline RL, Stochastic Control, Transfer Learning
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Annual Conference

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Corporate Finance

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May 2025

Protectionist policies intended to revitalize US chip manufacturing backfired, ultimately weakening the domestic workforce they aimed to rebuild. Instead of fostering talent growth, these measures diminished hiring for critical science and engineering roles, particularly in entry-level positions and...
Keywords: Chip, Semiconductor, Economic Nationalism, Tariff, H1-B, Labor, Career
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Annual Conference

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Corporate Finance

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May 2025

Whistleblowing by senior local officials is pivotal for monitoring official behavior and suppressing corruption. Yet, the act of reporting is a strategic decision, entangled with complex considerations such as the risk of retaliation by those being reported and the gains from collusion. Despite its ...
Keywords: Whistleblowing, Political coalition, Disaster
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Annual Conference

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Corporate Finance

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May 2025

We study the interplay between a “one person-one vote” political system and a “one share-one vote” corporate governance regime. If shareholders push firms for more pro-social policies, political backlash may arise, undoing ESG initiatives. In a frictionless economy, shareholder democracy bec...
Keywords: shareholder democracy, political democracy, public good, carbon tax, socially responsible investing, ESG, political backlash, wealth inequality, pass-through voting, universal owners
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Annual Conference

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Corporate Finance

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May 2025

Does impairment of political speech affect financial speech? We exploit the introduction of the National Security Law (NSL) in Hong Kong in June 2020 to answer this question. We find that after the NSL enactment, compared to foreign analysts covering the same firms, local analysts self-censor their ...
Keywords: National security law in Hong Kong, Self-censorship, analyst forecasts, Political speech
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