Government Stock Purchase Undermines Price Informativeness: Evidence from China’s “National Team”
Tri Vi Dang, Wei Li, and Yongqin Wang We use the 2015 Chinese stock market crash to study the effects of government... Learn More
The Smart Beta Mirage
Shiyang Huang, Yang Song, and Hong Xiang We document and explain the sharp performance deterioration of smart beta indexes after the corresponding... Learn More
Bank Influence at a Discount
Hans Gersbach and Stylianos Papageorgiou In a general equilibrium framework, we show that banks may “buy”‘ political influence at a discount: They... Learn More
Uncovering Financial Constraints
Matthew Linn and Daniel Weagley We use a random forest model to classify firms’ financial constraints using only financial variables. Our methodology... Learn More
Friends During Hard Times: Evidence from the Great Depression
Tania Babina, Diego Garcia, and Geoffrey Tate Using a novel data set of over 3,500 public and private firms, we construct the... Learn More