Annual Conference

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Economic Transformation of Asia

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May 2015

To build above the limit? Implementation of land use regulations in urban China

Qinghua ZHANG, Wang ZHI, Cai HONGBIN
This paper studies the implementation of land use regulations in urban China. In particular, we investigate land developers’ compliance with floor-to-area ratio (FAR) regulations using a unique set of residential land parcel data from 30 major Chinese cities matched with the corresponding resident...
Keywords: Floor-to-area ratios, Land development, Compliance, Corruption, China
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Annual Conference

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Accounting

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May 2015

What Determines Auditors' Career Outcomes?

Bin KE, Xianjie HE
Taking advantage of a unique data set from China about individual auditors’ personal backgrounds, we examine the factors that affect auditors’ demotion and promotion outcomes. We find that ability, accounting knowledge, and on-the-job performance all matter in auditors’ demotions and promotion...
Keywords: auditors, promotion, demotion, gender, China
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2015

What Do Stock Markets Tell Us About Exchange Rates?

Gino CENEDESE, Giorgio VALENTE, Richard PAYNE, Lucio SARNO
The sign of the correlation between equity returns and exchange rate returns can be positive or negative in theory. Using data for a broad set of forty-two countries, we find that exchange rate movements are in fact unrelated to differentials in country-level equity returns. Consequently, a trading ...
Keywords: Empirical Asset Pricing, exchange rates, Uncovered Equity Parity, International Asset Allocation
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Annual Conference

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Corporate Finance

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May 2015

Who Captures The Power of The Pen?

Le ZHANG, Jiaxing YOU, Zhang BOHUI
We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more a...
Keywords: Media coverage, media concentration, political capture, CEO turnover
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

World Asset Markets and the Global Financial Cycle

Helene REY , Silvia MIRANDA AGRIPPINO
We find that one global factor explains an important part of the variance of a large cross section of returns of risky assets around the world. Using a model with heterogeneous investors, we interpret the global factor as reflecting aggregate realised variance and the time-varying degree of market-w...
Keywords: Asset markets, financial cycle, risk aversion, credit spreads, credit flows, bank leverage, spillovers
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