Annual Conference

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Corporate Finance

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May 2025

Voting on Public Goods: Citizens vs. Shareholders

Robin DOTTLING, Doron LEVIT, Nadya MALENKO, Magdalena ROLA-JANICKA
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

The Echoes of Muted Political Speech in Financial Speech

Utpal BHATTACHARYA, Tse-Chun LIN, Janghoon SHON
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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Annual Conference

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Corporate Finance

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May 2025

Redistribution Channel of Monetary Policy: Evidence from Bank Lending

Yi HUANG, Bing LU, Hao ZHOU
Using the employer-employee survey data and the granular loan-level data from China, this paper explores the redistribution effect of monetary policy through bank lending. The main findings show that the expansionary monetary policy would reduce inequality through the sample bank lending, both withi...
Keywords: Monetary policy transmission, Redistribution effect, Bank lending, Loan rate, Income inequality
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2025

A Model Of Global Currency Pricing

Michael B. DEVEREUX, Kang SHI, Rui LU, Juanyi (Jenny) Xu
This paper proposes a concept of a global currency and introduces a “global currency pricing” specification into a standard N-country open economy macroeconomic model. A global currency is defined as a virtual unit of account that is exclusively used for international trade invoicing and is form...
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2025

Corporate Debt, Boom-Bust Cycles, and Financial Crises

Victoria IVASHINA, Sebnem KALEMLI-OZCAN, Luc LAEVEN, Karsten MULLER
Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow macroeconomic recoveries: (i)...
Keywords: Financial crises, banking crises, credit booms, corporate debt, household debt
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