Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

Fiscal Conditions and Long-term Interest Rates

Koji NAKAMURA , Tomoyuki YAGI
We conduct a quantitative analysis of the effects of fiscal conditions and other factors on nominal long-term interest rates based on panel data of 23 member states of the Organisation for Economic Co-operation and Development (OECD) for the period from 1980 to 2013. In addition to labor productivit...
Keywords: Long-term interest rate, Fiscal balance, Debt outstanding, Current account, National burden ratio, Fiscal reconstruction, monetary policy
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2016

The effect of anti-corruption campaign on shareholder value in a weak institutional environment: Evidence from China

Bin KE, Na LIU, Song TANG
We examine the impact of Chinese President Xi Jinping’s anti-corruption campaign on shareholder value of publicly listed Chinese firms. We find that the anticorruption campaign reduces the profitability of the firms that sell luxury goods and services. The anti-corruption campaign helps reduce exc...
Keywords: China, anti-corruption regulation, SOE, firm performance, event study
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2016

Do Analysts and their Employers Value Access to Management? Evidence from Earnings Conference Call Participation

Vanitha RAGUNATHAN , Ling CEN, Jing CHEN, Sudipto DASGUPTA
The literature examining analyst activity assumes that access to management is valued by analysts and their employers. We propose a readily observable measure of access: how often an analyst is invited to be among the first to ask questions in the Q&A session of an earnings conference call. Thes...
Keywords: Career Outcomes, Analyst Forecasts and Recommendations, Earnings Conference Calls
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2016

Deleting Unreported Innovation

David REEB, Ping-Sheng KOH, Elvira SOJLI, Wing Wah THAM, Wendun WANG
The absence of observable innovation data for a firm often leads us to exclude or classify these firms as non-innovators. We assess the reliability of six methods for dealing with unreported innovation using several different counterfactuals for firms without reported R&D or patents. These tests...
Keywords: bias, Listwise Deletion, innovation, Measuring Innovation, Multiple Imputation, Non-patenting Firms, Unreported R&D, patents
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Annual Conference

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Accounting

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May 2016

Harnessing the Wisdom of Crowds

Zhi DA, Xing HUANG
When will a large group provide an accurate answer to a question involving quantity estimation? We empirically examine this question on a crowd-based corporate earnings forecast platform (Estimize.com). By tracking user activities, we monitor the amount of public information a user views before maki...
Keywords: Wisdom of Crowds, Herding, Naive Learning, Social Learning, Group Decision Making, Earnings Forecast
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