Annual Conference

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Economic Transformation of Asia

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May 2015

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

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

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

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

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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