Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2013

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two new identification strategies based on the dynamic process of interstate bank deregulation, we find that exogenous increases in geograp...
Keywords: Corporate diversification, Agency problems, Economies of scope, Corporate insiders, Corporate valuation
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Annual Conference

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Corporate Finance

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May 2013

Does information asymmetry affect the cross-section of expected stock returns? Using institutional ownership data from the Shanghai Stock Exchange, we show that institutions have a strong information advantage over individual investors. We then show that the aggressiveness of institutional trading i...
Keywords: Informed Trading, Stock Returns, Information asymmetry
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

We investigate informed trading in firms in regulated industries. We categorize firms in financial services, pharmaceuticals, and utilities as regulated or supervised. Our empirical research strategy employs several different approaches to examine informed trading in supervised firms, including pane...
Keywords: Infromed Trading, Regulated industries
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Annual Conference

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Senior Fellows/Fellows, Capital Market Development: China and Asia

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May 2013

Previous research on the United States and Japan finds economically large impacts of changing real estate collateral value on firm investment that amplified the business cycles of those countries. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the re...
Keywords: Housing and land markets, Collateral Channel, Financial constraints, Firm investment
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2013

During the housing boom in the mid-2000s, Korea used the Loan-to-Value ratio (LTV) regulation and Debt-to-Income ratio (DTI) regulation to limit the expansion of mortgage financing and the rapid rise of housing prices successfully. The limit on mortgage financing, however, made many banks to look fo...
Keywords: Macroprudential Policy, Zombie Lending, Korea
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