Annual Conference

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International Macroeconomics, Money & Banking

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May 2019

This paper isolates the demand and supply factors of credit extension. We construct a new dataset that combines loan application information from the credit register with individuals’ income and banks’ balance sheet for the period 2014-2016. Using this dataset, we verify the importance of banks'...
Keywords: Supply factor, demand factor, household loan approval, credit register, funding ratio
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

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Annual Conference

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Accounting

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May 2018

We find that firms held by an institutional activist blockholder (IAB) are more likely to adopt clawback provisions when more of other firms held by the same IAB have adopted. This effect is stronger when peers adopt a strong form of clawback and maintain longer peer relations, for firms with more p...
Keywords: shareholder activism, Spillover Effect, Clawback Provision, institutional investors
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Annual Conference

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Accounting

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May 2018

This study examines how tax avoidance affects corporate transparency. Using a large sample of U.S. firms from 1995 to 2016, we find a significant non-linear effect of tax avoidance on transparency. That is, when a firm’s tax avoidance is low, an increase in tax avoidance improves transparency; how...
Keywords: tax avoidance, corporate transparency, economic consequences
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Annual Conference

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Accounting

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May 2018

We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with: (1) higher trading costs (bid-ask spreads and market liquidity); (2) an increase in “stock retu...
Keywords: Exchange traded funds (ETFs), Uninformed and informed traders, Costly information, Trading costs, Market pricing efficiency, Informative prices.
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