Annual Conference

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Investment Finance

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May 2015

Learning about the Neighborhood: The Role of Supply Elasticity for Housing Cycles

Gao ZHENYU , Michael SOCKIN, Wei XIONG
Motivated by an intriguing observation during the recent U.S. housing cycle that counties with housing supply elasticities in an intermediate range experienced the most dramatic price booms and busts, this paper develops a model to analyze information aggregation and learning in housing markets. In ...
Keywords: Elasticity, price boom, housing market;housing cycle
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Annual Conference

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Corporate Finance

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May 2015

Learning through a Smokescreen: Earnings Management and CEO Compensation over Tenure

Nandini GUPTA, Cristina CELLA, Andrew ELLUL
Career concerns may lead CEOs to distort reported performance (Fudenberg and Tirole (1995)), particularly in the early years of tenure when there is greater uncertainty about the CEO’s ability. We investigate whether the presence of reporting distortions affects CEOs’ compensation over their ten...
Keywords: executive compensation, Tenure, Earnings Management, Career Concerns
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Annual Conference

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Economic Transformation of Asia

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May 2015

Mandatory Retirement and the Consumption Puzzle: Prices Decline or Quantities Decline?

Dennis T YANG, Dong YINGYING
This paper investigates household consumption changes at retirement by utilizing a comprehensive, diary-based household survey from China. The survey contains both consumption quantity and price information, which permits separating quantity changes from price changes. The mandatory retirement polic...
Keywords: Retirement, consumption puzzle, Mandatory retirement, regression discontinuity, Consumption vs. expenditure, Time use, Home production
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

On the Persistence of Political and Economic Institutions in Banking

Sharon POCZTER
This paper analyzes quantitatively whether a particular economic institution often underpinning political regime change – the influence of political connections in banking - persists over structurally different political institutions. While theory suggests that economic institutions persist over p...
Keywords: Economic Institutions, Political Institutions, banking
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Annual Conference

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Economic Transformation of Asia

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May 2015

One Country, Two Systems: Evidences on Retirement Patterns in China

John GILES, Xiaoyan LEI, Yafeng WANG, Yaohui ZHAO
This paper documents the patterns and correlates of retirement in China using a nationally representative survey, the China Health and Retirement Longitudinal Study (CHARLS). After documenting stark differences in retirement ages between urban and rural residents, the paper shows that China's urban ...
Keywords: Retirement, aging, pensions, urban-rural gap, China, CHARLS
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