Annual Conference

|

Corporate Finance

|

May 2013

Informed Trading & Expected Returns

James CHOI, Jin LI, Hongjun YAN
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
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance, Senior Fellows/Fellows

|

May 2013

Informed Trading in Regulated Industries

David REEB, Yuzhao ZHANG, Wanli ZHAO
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
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

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

|

May 2013

Real Estate Collateral Value and Investment: The Case of China

Jing WU, Yongheng DENG, Joseph GYOURKO
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
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking, Senior Fellows/Fellows

|

May 2013

Macroprudential Policy and Zombie Lending in Korea

Takeo HOSHI, Younghoon KIM
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
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2013

Manufacturing-Finance Comparative Advantage and Global Imbalances

Rui MAO, Yang YAO
Treating finance as a tradable service, this paper examines how global current account imbalances can emerge as a result of the Ricardian comparative advantage in manufacturing and finance. The financial sector screens borrowers to limit its risk exposure when it provides finance to manufacturing fi...
Keywords: Manufacturing-finance comparative advantage, global imbalances, international division of labor
  • View
  • Download
  • Bookmark
  •    |