Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85% of all foreign RMs). As a group, RMs are early-stage companies that typically trade over-the-counter. Chinese RMs (CRMs),...
Keywords: reverse mergers, listing requirements, Chinese firms, accounting fraud, cash flow life cycle, private-equity (PIPE) financing
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

We find lending by state controlled banks to be significantly more associated with monetary policy than is lending by private sector banks. At the country-level, we further find monetary policy to be significantly closely linked to aggregate loan growth and aggregate fixed capital investment growth ...
Keywords: ownership structure, loan growth, capital investment, monetary policy, banking
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2013

This paper investigates the effect of lending by government owned banks on real investment and employment for publicly traded industrial firms in Japan, focusing on a period that covers the financial crisis in the 1990s caused by the burst of the real estate bubble. We find that increases in governm...
Keywords: financial crisis, Lending, Employment, Japan
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2013

Do government-sponsored bank recapitalization programs spur lending and reduce risk? This paper assesses the impact of Indonesia’s bank recapitalization program on lending and bank risk following the Asian financial crisis of 1997. Using unique bank-level data, difference-in-differences estimates ...
Keywords: financial crisis, Bailouts, Government Intervention
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Annual Conference

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Capital Market Development: China and Asia

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May 2013

Despite the overwhelming trend in mutual funds towards team management, empirical studies find no performance benefits for this phenomenon. We show it is caused by large discrepancies in reported managerial structures in CRSP and Morningstar Principia datasets versus SEC records, resulting in up to ...
Keywords: Database discrepancy, Management structure, Performance evaluation, Portfolio holdings
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