Webinar Series

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Pandemic

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Apr 2020

We study the role of social connections in compliance of U.S. households with mobility restrictions imposed in response to the coronavirus disease 2019 (COVID-19) pandemic, using aggregated and anonymized Facebook data on social connections and mobile phone data for measuring social distancing at th...
Keywords: social networks, non-pharmaceutical interventions, COVID-19
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Webinar Series

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

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Jun 2021

Using a unique FinTech data containing monthly individual-level consumption, investments, and payments, we examine how FinTech can lower investment barriers and improve risk-taking. Seizing on the rapid expansion of offline usages of Alipay in China, we measure individuals' FinTech adoption by the s...
Keywords: FinTech, Digital Payment, Financial Inclusion, Consumption, Risk Taking, Household Finance
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Using transaction-level credit card spending from a large US financial institution, we show that disaggregated sales provide accurate and persistent signals of customer demand relevant to a firm’s stock pricing. After controlling for earnings and sales surprises, one inter-quintile increase in the...
Keywords: return predictability, informed investors, disaggregated sales, customer demand, Credit Cards, Consumption, Household Finance, financial institution, big data
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Annual Conference

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Real Estate and Urban Economics

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May 2019

We study how capital flows affects German cities’ GDP growth depending on the state of their real estate markets. Identification exploits a policy framework assigning refugees to cities on a quasi-random basis and variation in nondevelopable area for the construction of an exposure measure to real...
Keywords: Cross-border flows, capital flows, Collateral, City Business Cycles, Credit, Germany, GIPS Spread, Real estate, tangible assets
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Annual Conference

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Economic Transformation of Asia

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May 2015

This study evaluates the impact of a randomized control trial (RCT) in China that introduced externally funded village credit funds in poor, rural villages. In contrast to recent RCT-based studies that have failed to find evidence of significant increases in income from microfinance interventions, w...
Keywords: Microfinance, program evaluations, randomized control trial
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