John Ammer, John Rogers, Gang Wang, and Yang Yu ♦ We study how professional fund managers’ growth expectations affect their equity investments and the consequent effects on prices. Using novel data on China’s mutual fund managers’ growth expectations, we show…
Bo Bian, Jean-Marie Meier, and Ting Xu ♦ We identify strong cross-border property rights as a driver for the globalization of innovation. Using 67 million patents from over 100 patent offices, we construct novel measures of the three stages of…
Craig Burnside, Mario Cerrato, and Zhekai Zhang ♦ We propose a novel pricing factor for currency returns motivated by the market-microstructure literature. Our factor aggregates order flow data to provide a measure of buying and selling pressure related to conventional…
Eric DeBodt, B. Espen Eckbo, and Richard W. Roll ♦ To protect inframarginal rents, rivals react to competition shocks by increasing product differentiation or lowering costs by standardizing products and production processes. We test these two mutually exclusive reactions by…
Hong Ru and Endong Yang ♦ Using transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we find that CDB credit to strategic industries at the top of supply chains leads to lower prices,…
Vicente J. Bermejo, Miguel A. Ferreira, Daniel Wolfenzon, and Rafael Zambrana ♦ We show cash windfalls affect the real economy by spurring entrepreneurship. We identify these effects using the Spanish Christmas Lottery, which provides a unique setting as prizes are…
