Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2013

This paper examines the impact of rising transaction tax on trade volume, price volatility and informativeness. We take advantage of a policy change in Singapore that effectively raised the transaction cost for real estate speculators in only one submarket. Based on a difference-indifferences analys...
Keywords: transaction tax, volatility, speculators, informed traders, noise traders
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2013

We use a unique, new, database to examine micro depositor level data for a bank that faced a run. We use minute-by-minute depositor withdrawal data to understand the effectiveness of deposit insurance, the role of social networks, and the importance of bank-depositor relationships in influencing dep...
Keywords: bank runs, depositor behavior, social networks
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

This paper offers a unified framework to understand informal financing. We explore various sources of informal financing based on their mechanisms to deal with asymmetric information and enforcement and examine their role in supporting firm growth. We find that constructive informal financing such a...
Keywords: Informal financing, asymmetric information, social collateral, firm growth
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Annual Conference

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Capital Market Development: China and Asia

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May 2013

We examine the trading behavior of Chinese domestic investors after they were given access to the B-share market in 2001. Surprisingly, we find that only 2% of investors began buying B shares. Even among these 2%, investors were less likely to buy B shares if they had more experience in the A-share ...
Keywords: A/B share prices, portfolio inertia, trading experience, trading performance
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