Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

State-Run Banks, Money Growth, and the Real Economy

Randall MORCK, M. Deniz YAVUZ, Bernard YEUNG
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

The Bright Side of Lending by Government Owned Banks: Evidence from the Financial Crisis in Japan

Yupeng LIN, Anand SRINIVASAN, Takeshi YAMADA
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

The Long Term Effects of Bank Recapitalization

Sharon POCZTER
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

To Group or Not to Group? Evidence from Mutual Fund Databases

Saurin PATEL , Sergei SARKISSIAN
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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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2013

Speculative Investors and Transactions Tax: Evidence from the Housing Market

Wenlan QIAN, Bernard YEUNG, Yuming FU
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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