2021 Best Paper Awards

Total Page：16

File Type：pdf, Size：1020Kb

2021 Best Paper Awards American Association of Individual Investors Best Paper in Individual Investing and Household Finance Shocks and Technology Adoption: Evidence from Electronic Payment Systems Apoorv Gupta, Dartmouth College Filippo Mezzanotti, Northwestern University Nicolas Crouzet, Northwestern University GARP Best Paper in Risk Management Private Equity and Financial Stability: Evidence from Failed Bank Resolution in the Crisis Emily Johnston-Ross, FDIC Song Ma, Yale University Manju Puri, Duke University Dr. Geoffrey Hirt Paul Van Arsdell Award in Corporate Finance Taxes Depress Corporate Borrowing: Evidence from Private Firms Ivan Ivanov, Federal Reserve Board Luke Pettit, University of Michigan, Ann Arbor Toni Whited, University of Michigan, Ann Arbor National Stock Exchange of India Best Paper in Markets and Trading Echo Chambers J. Anthony Cookson, University of Colorado, Boulder Joey Engelberg, University of California, San Diego Will Mullins, University of California, San Diego 2021 Best Paper Awards (continued) The Johns Hopkins Carey Business School Best Paper on Health and Finance Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes Constantine Yannelis, University of Chicago Atul Gupta, University of Pennsylvania Abhinav Gupta, New York University Sabrina Howell, New York University Wharton Research Data Services (WRDS) Best Paper in Financial Intermediation Using High Frequency Evaluations to Estimate Discrimination: Evidence from Mortgage Loan Officers Marco Giacoletti, University of Southern California Rawley Heimer, Boston College Edison Yu, Federal Reserve Bank of Philadelphia World Scientific Publishing Best Paper in Asset Pricing Mussa Puzzle Redux Dmitry Mukhin, University of Wisconsin-Madison Oleg Itskhoki, UCLA Best Paper Awards Selection Committee Jon Garfinkel (chair), University of Iowa Hengjie Ai, University of Minnesota Stefano Giglio, Yale University Jerry Hoberg, University of Southern California Nadya Malenko, University of Michigan, Ann Arbor .

Copy Link

Recommended publications

A Survey of Venture Capital Research
NBER WORKING PAPER SERIES A SURVEY OF VENTURE CAPITAL RESEARCH Marco Da Rin Thomas F. Hellmann Manju Puri Working Paper 17523 http://www.nber.org/papers/w17523 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2011 We would like to thank Klazina van den Berg and Yaping Mao for their valuable research assistance. All errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Forthcoming in George Constantinides, Milton Harris, and René Stulz (eds.) Handbook of the Economics of Finance, vol 2, Amsterdam, North Holland, 2012. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2011 by Marco Da Rin, Thomas F. Hellmann, and Manju Puri. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. A survey of venture capital research Marco Da Rin, Thomas F. Hellmann, and Manju Puri NBER Working Paper No. 17523 October 2011 JEL No. G21,G23,G24 ABSTRACT This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on organizational structures of venture capital firms, and the relationship between general and limited partners.
[Show full text]
ADVISORY Groups
ADVISORY GROUPS ADVISORY GROUPS 66 FEDERAL RESERVE BANK of NEW YORK 2015 ANNUAL REPORT ADVISORY GROUPS ADVISORY COUNCIL ON COMMUNITY DEPOSITORY INSTITUTIONS SMALL BUSINESS AND ADVISORY COUNCIL AGRICULTURE Chair MICHAEL ARNOFF MICHAEL J. CASTELLANA SALEEM IQBAL President President and Chief Executive Officer President and Chief Executive Officer Arnoff Moving and Storage SEFCU HAB Bank Albany, N.Y. Albany, N.Y. New York, N.Y. ALEJANDRO BALLESTER President ROBERT G. ALLEN KATHERINE J. LISENO Ballester Hermanos, Inc. President and Chief Executive Officer President and Chief Executive Officer Cataño, Puerto Rico Teachers Federal Credit Union Metuchen Savings Bank ADENAH BAYOH Hauppauge, N.Y. Metuchen, N.J. Partner MARTIN K. BIRMINGHAM MARY D. MADDEN Kapwood, LLC Irvington, N.J. President and Chief Executive Officer President and Chief Executive Officer Five Star Bank and Financial Hudson Valley Federal Credit Union STEWART BRUNHOUSE Institutions Inc. Poughkeepsie, N.Y. President Warsaw, N.Y. A&A Company, Inc. THOMAS J. SHARA South Plainfield, N.J. JOHN R. BURAN President and Chief Executive Officer WILLIAM M. BYRNE, JR. President and Chief Executive Officer Lakeland Bank and Lakeland Bancorp, Inc. Chairman of the Board Flushing Bank and Flushing Oak Ridge, N.J. Byrne Dairy, Inc. Financial Corp. Weedsport, N.Y. Uniondale, N.Y. JOHN F. TRENTACOSTA President and Chief Executive Officer ERIC CASLOW MARTIN A. DIETRICH President Newtown Savings Bank Acme Smoked Fish Corporation President and Chief Executive Officer Newtown, Conn. Brooklyn, N.Y. NBT Bank, N.A., and NBT Bancorp, Inc. Norwich, N.Y. CHARLES FEIT Founder and CEO JOSÉ RAFAEL FERNÁNDEZ OnForce Solar President, Chief Executive Officer, Bronx, N.Y.
[Show full text]
Associate Professor (With Tenure) at the Sauder School of Business, University of British Columbia
Thomas Frederik Hellmann Professor of Entrepreneurship and Innovation Saïd Business School, Oxford University Park End Street, Oxford, OX1 1HP, UK Tel: +44 (0) 1865 288937 Email : [email protected] Website: www.sbs.ox.ac.uk/community/people/thomas-hellmann Employment Since September 2014: Professor at Saïd Business School, Oxford University 2008-2014: B.I. Ghert Family Foundation Professor in Finance and Policy Professor at the Sauder School of Business, University of British Columbia. 2004-2008: Associate Professor (with tenure) at the Sauder School of Business, University of British Columbia. 1994-2004: Assistant Professor of Strategic Management; Stanford Graduate School of Business. Education 1989-1994: Stanford University, Ph.D. in Economics. Advisers: J. Stiglitz and M. Aoki. 1986-1989: London School of Economics, BA in Mathematical Economics and Econometrics. Fluent in English, German and French. Visiting appointments Fall 2011: Visiting professor at the Harvard Business School, taught entrepreneurship and entrepreneurial finance classes for MBAs and executives. Spring 2011: Visiting scholar at the University of Auckland (New Zealand, 2011), and University of Melbourne (Australia, 2011). March 16, 2016 Page 1 February 2008 and December 2006: Visiting lecturer at the Indian School of Business in Hyderabad; taught venture capital courses. Summer 2002: Visiting scholar at University of New South Wales (Sydney, Australia). Academic year 2001/2002: Visiting professor at The Wharton School (University of Pennsylvania); taught MBA entrepreneurship courses. Spring 2000: Visiting scholar at INSEAD (Fontainebleau, France, 2000). Academic year 1998/1999: National Fellow at the Hoover Institution (Stanford University). Summer internships at The World Bank (Washington D.C., 1992), Commerzbank (Frankfurt, Germany, 1991) and Luxemburger Wort (Luxemburg, 1989).
[Show full text]
Listing Delays and Innovation: Evidence from Chinese Ipos
NBER WORKING PAPER SERIES LISTING DELAYS AND INNOVATION: EVIDENCE FROM CHINESE IPOS Lin William Cong Sabrina T. Howell Working Paper 24657 http://www.nber.org/papers/w24657 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2018 The authors especially thank Shai Bernstein and Manju Puri for helpful discussions and suggestion. They also thank Viral Acharya, Philip Bond, Jennifer Carpenter, Francois Derrien, Steve Kaplan, Elisabeth Kempf, Holger Mueller, Raghuram Rajan, Amir Sufi, Qian Sun, Xiao Zhang, Shan Zhao, and conference and seminar participants at NBER Chinese Economy Meeting, CICF, Asian Finance Association Meeting, Econometric Society Asian Meeting, the Changing Role of Stock Markets in Capital Formation Conference, HEC, Mannheim, HKU, HKUST, NUS, NYU Stern, University of Washington Foster School, and Peking University for comments and feedback. For data assistance, they are also grateful to the Private Capital Research Institute (PCRI), Xiaobo Zhang, and especially Rania Zhang with whom we had repeated discussions and consultations that helped shape an initial version of the paper. This research was funded by the NYU Stern Center for Global Economy and Business, and the Initiative on Global Markets, the Fama-Miller Center, and the Polsky Center at the University of Chicago Booth School of Business. Danye Wang and Xiao Zhang provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.
[Show full text]
Nicholas Ryan: Curriculum Vitae
Nicholas Ryan May 2018 Economic Growth Center Website P.O. Box 208269 New Haven, CT 06520-8269 Google Scholar Office: 27 Hillhouse Avenue, Room 29A [email protected] Phone: (203) 432-6227 Academic Employment 2015{ Yale University, Department of Economics, Assistant Professor 2014{15 Yale University, Cowles Foundation, Postdoctoral Associate 2012{14 Harvard University and Jameel Poverty Action Lab, Prize Fellow in Economics Affiliations 2015{ National Bureau for Economic Research (NBER), Faculty Research Fellow (DEV, EEE) 2015{ Jameel Poverty Action Lab (J-PAL), Affiliate 2014{ Bureau for Research and Economic Analysis of Development (BREAD), Affiliate 2014{ International Growth Centre (IGC), Co-Director, Energy Programme Education 2012 Ph.D., Economics Massachusetts Institute of Technology 2005 B.A., Economics, summa cum laude University of Pennsylvania Research Publications \The Value of Discretion in the Enforcement of Regulation: Experimental Evidence and Struc- tural Estimates from Environmental Inspections in India" (with Esther Duflo, Michael Green- stone and Rohini Pande). NBER Working Paper #20590. Accepted, Econometrica. \A Tale of Two Runs: Depositor Responses to Bank Solvency Risk" (with Rajkamal Iyer and Manju Puri). Journal of Finance (2016), 71 (6): 2687-2726. \Truth-telling by Third-party Auditors and the Response of Polluting Firms: Experimental Evidence from India" (with Esther Duflo, Michael Greenstone and Rohini Pande). Quarterly Journal of Economics (2013), 128 (4): 1499-1545. \What Does Reputation Buy? Differentiation in
[Show full text]
Optimism, Entrepreneurship, and Economic Choice 1
OPTIMISM, ENTREPRENEURSHIP, AND ECONOMIC CHOICE MANJU PURI AND DAVID T. ROBINSON Abstract. This paper presents some of the first large-scale sur- vey evidence linking optimism to significant work/life choices. We create a novel measure of optimism based on life expectancy biases using the Survey of Consumer Finance. We find that entrepreneurs are more optimistic than non-entrepreneurs. Moreover, more op- timistic people in general, work harder, and anticipate longer age- adjusted work careers. Optimism correlates not just to work re- lated choices but also to other significant life choices, such as re- marriage and stock market participation. Optimistic people are more likely to remarry, and are more likely to own stock. We also relate optimism to risk preferences. We find that entrepreneurs are more risk loving than non entrepreneurs. However, the correlation between risk taking and optimism is low, suggesting that attitudes to risk and optimism explain different aspects of decision making. These findings help resolve some existing puzzles but also raise new questions. 1. Introduction Entrepreneurs make peculiar financial choices. They hold poorly diversified portfolios (Gentry and Hubbard, 2001; Heaton and Lucas, 2000). They bear excessive risk for the returns they earn (Moskowitz and Vissing-Jorgensen, 2002). They accept lower median life-time earn- ings than similarly skilled wage-earners (Hamilton, 2000). Date: First Draft: November 15, 2004. This Draft: March 5, 2005. Duke University and NBER (Puri) and Duke University (Robinson). The authors are grateful for the comments and suggestions of Simon Gervais, Rick Larrick, Ahmed Khwaja, Cade Massey, John Payne, Luca Rigotti, and seminar participants at Duke, UNC, Ohio State, Carnegie-Mellon, the World Bank, and the NY Federal Reserve.
[Show full text]
Private Equity and Financial Stability: Evidence from Failed Bank Resolution in the Crisis
Private Equity and Financial Stability: Evidence from Failed-Bank Resolution in the Crisis Emily Johnston-Ross Song Ma Manju Puri FDIC Yale University Duke University, FDIC, and NBER and NBER Abstract This paper investigates the role of private equity (PE) in failed-bank resolutions after the 2008 financial crisis, using proprietary FDIC failed-bank acquisition data. PE investors made substantial investments in underperforming and riskier failed banks, particularly in geographies where local banks were also distressed, filling the gap created by a weak, undercapitalized banking sector. Using a quasi-random empirical design based on detailed bidding information, we show PE- acquired banks performed better ex post, with positive real effects for the local economy. Overall, PE investors had a positive role in stabilizing the financial system through their involvement in failed-bank resolution. JEL Classification: E65, G18, G21 Keywords: Private equity, Financial stability, Failed banks, Financial crisis This version: September 2021. Emily Johnston-Ross can be reached by phone: (202) 898-6841, email: [email protected]. Song Ma can be reached by phone: (203) 436-4687, email: [email protected]. Manju Puri can be reached by phone: (919) 660-7657, email: [email protected]. For helpful comments, we thank Haelim Anderson, Christa H.S. Bouwman, Michael Ewens, Edith Hotchkiss, Filippo Mezzanotti, David Robinson, Paul Soto, James Weston, and Ayako Yasuda. We also thank seminar and conference participants at AFA Annual Meeting, Corporate Finance Conference
[Show full text]
On the Rise of Fintechs – Credit Scoring Using Digital Footprints
On the Rise of FinTechs – Credit Scoring using Digital Footprints Tobias Berg †, Valentin Burg ‡, Ana Gombović +, Manju Puri * March 2019 Abstract We analyze the information content of the digital footprint – information that people leave online simply by accessing or registering on a website – for predicting consumer default. We show that even simple, easily accessible variables from the digital footprint match the information content of credit bureau scores. The digital footprint complements rather than substitutes for credit bureau information and it affects access to credit and reduces default rates. We discuss the implications for financial intermediaries’ business models, for access to credit for the unbanked, and for the behavior of consumers, firms, and regulators in the digital sphere. We wish to thank Tetyana Balyuk, Christophe Bisière (discussant), Dean Caire, Keith Chen (discussant), Frank Ecker, Falko Fecht, Co-Pierre George, Martin Götz (discussant), Andrew Hertzberg (discussant), Christine Laudenbach, Laurence van Lent, Jan Keil (discussant), Farzad Saidi, Marc Schreiner, Yan Schen (discussant), Kelly Shue (discussant), Sascha Steffen, Jason Sturgess (discussant), as well as participants of the 2018 RFS FinTech Conference, the 2018 Swiss Winter Conference on Financial Intermediation, the 2018 FIRS Conference in Barcelona, the 2018 Annual Conference of the Cambridge Centre for Alternative Finance, the conference on FinTech, Credit and the Future of Banking in Rigi Kaltbad, the 2018 CEPR Summer Symposium in Financial Markets,
[Show full text]
Heather Elise Tookes
Heather E. Tookes Mail: Yale School of Management, P.O. Box 208200, New Haven, CT 06520-8200 Office: Evans Hall, 165 Whitney Avenue, New Haven, CT 06511, (203) 436-0785 Email: [email protected] Web: http://faculty.som.yale.edu/heathertookes/ ACADEMIC POSITIONS Yale School of Management, Professor of Finance 2014-Present Yale School of Management, Associate Professor of Finance 2009-2014 Yale School of Management, Assistant Professor of Finance 2004-2009 Johnson Graduate School of Management, Cornell, Visiting Assistant Professor of Finance 2003-2004 Other Affiliations Yale University, Department of Economics 2014-present Yale Law School (fall terms) 2014-present National Bureau of Economic Research, Research Associate 2021-present EDUCATION Cornell University, PhD (Finance) 2003 Brown University, BA (Economics) 1996 RESEARCH INTERESTS Liquidity and Price Formation, Corporate Credit Markets, Empirical Corporate Finance (Capital Structure), Finance and Product Market Interactions, Gender in Finance EDITORIAL BOARDS . Associate Editor, Review of Financial Studies, 2016-2019 . Associate Editor, Management Science, 2016-2018 PUBLICATIONS 1. Information, Trading, and Product Market Interactions: Cross-Sectional Implications of Informed Trading, 2008, Journal of Finance 63(1), 379-413. 2. Convertible Bond Arbitrage, Liquidity Externalities, and Stock Prices, with Darwin Choi and Mila Getmansky, 2009, Journal of Financial Economics 91(2), 227-251. 3. Firm Diversification and Equilibrium Risk Pooling: The Korean Financial Crisis as a Natural Experiment, with Robert Masson and Taejong Um, 2009, Emerging Markets Review 10(1), 1-22. Lead article. 4. Convertible Bond Arbitrageurs as Suppliers of Capital, with Darwin Choi, Mila Getmansky and Brian Henderson, 2010, Review of Financial Studies 23(6), 2492-2522.
[Show full text]
Sascha Steffen
Sascha Steffen University of Mannheim L7 1, 68181 Mannheim, Germany Phone: +49 (0) 621 1254-140, Fax: +49 (0) 621 1254-140, Email: [email protected], Web: www.sascha-steffen.de SSRN: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=403217 Google Scholar Citations: http://scholar.google.com/citations?user=N8Z4txcAAAAJ CURRENT APPOINTMENTS 2016 – present Professor of Finance, Chair of Financial Markets OTHER APPOINTMENTS 2016 – present Head Research Group “International Finance and Financial Management”, Center for European Economic Research (ZEW) 2014 – present Center of Financial Studies (CFS) Research Fellow 2014 – 2017 Research Professor, Halle Institute for Economic Research (IWH) PAST APPOINTMENTS 2012 – 2015 Associate Professor of Finance, ESMT European School of Management and Technology (Germany) 2012 – 2014 Senior Research Fellow in Banking and Finance, University of Leeds Business School 2009 – 2011 Assistant Professor of Finance, University of Mannheim (Germany) 2008 – 2009 Post-Doctoral Researcher, NYU Stern School of Business (New York) VISTING POSITIONS 2016 Center for Economic Studies (CES-ifo)* 2014, 2015 University of Cape Town, Economics Department 2008 – 2009, NYU Stern School of Business 2013 EDUCATION 2004 – 2008 PhD in Finance, Goethe University Frankfurt (summa cum laude) 2000 – 2004 Dipl. Kfm. in Finance and Accounting, Goethe University Frankfurt (1.0/1.0) 2003 Financial Risk Manager (FRM) – GARP 1 HONORS AND AWARDS 2016 Volkswagen Stiftung Research Grant 2015 Peter Curtius Foundation Research Grant 2014 Center
[Show full text]
Duke University Fuqua School of Business
Duke University Fuqua School of Business RECRUITMENT AND SCHOLARSHIPS/FELLOWSHIPS What programs and initiatives has your school found successful in the recruitment of minority and/or female students? To encourage currently enrolled minority and female undergraduate students to consider a Fuqua MBA, the school hosts the following events: Duke MBA Workshop for Minority Applicants The Fuqua School of Business has held the Duke MBA Workshop for Minority Applicants for 26 years, providing information and support to prospective students in an effort to improve the representation of minority students in business school. The workshop incorporates both formal and informal interaction with Duke MBA students, alumni, faculty, corporate contacts and administrators. Duke MBA Weekend for Women The annual Duke MBA Weekend for Women will be held for the sixth time in 2009. This three-day event offers prospective female students a unique opportunity to sample Duke in the company of other women considering business school and to interact with current MBA students, corporate contacts, leading faculty and alumnae. The Association of Women in Business participates in the planning of the event. Black and Latino MBA Association The Black and Latino MBA Association of the Fuqua School of Business has a presence at the National Black MBA and National Hispanic MBA conferences to provide interested prospective students with information about the opportunities available in Duke’s MBA programs. Fuqua Pride Fuqua Pride provides a social and support network for gay, lesbian, bisexual and transgender community members and their straight allies. The group promotes educational dialogue about GLBT issues at Fuqua and fosters acceptance of diverse sexual orientations, and also serves as a professional and informational resource for prospective students, actively engaging business leaders, employers and recruiters in the job search process.
[Show full text]
Dissecting the Effect of Credit Supply on Trade: Evidence from Matched
Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data ∗ Daniel Paravisini Veronica Rappoport LSE, BREAD LSE, CEP Philipp Schnabl Daniel Wolfenzon NYU Stern, NBER, CEPR Columbia GSB, NBER August 19, 2014 Abstract We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination by firms borrowing from banks differentially affected by capital-flow reversals during the 2008 financial crisis. We find that credit shocks affect the intensive margin of exports, but have no significant impact on entry or exit of firms to new product and destination markets. Our results suggest that credit shortages reduce exports through raising the variable cost of production, rather than the cost of financing sunk entry investments. ∗We are grateful to Mitchell Canta, Paul Castillo, Roberto Chang, Raj Iyer, Sebnem Kalemni-Ozcan, Manuel Luy Molinie, Manju Puri, Marco Vega, and David Weinstein for helpful advice and discus- sions. We thank Diego Cisneros, Sergio Correia, Jorge Mogrovejo, Jorge Olcese, Javier Poggi, Adriana Valenzuela, and Lucciano Villacorta for outstanding help with the data. Juanita Gonzalez provided excellent research assistance. We thank participants at Arizona State University, CEMFI, Columbia University, Federal Reserve Bank of Peru, European Econometric Society, Federal Reserve Bank of Philadelphia, Fordham University, Harvard University, INSEAD, Instituto de Empresa, IPA Confer- ence on Entrepreneurship and SME, LSE, MIT Sloan, NBER ITI, NBER IFM, NBER CF, Ohio State University, Rothschild Caesarea Center, Royal Economic Society, Royal Holloway University London, SED 2011, Stanford University, Tel Aviv University, Universidad Catolica de Chile, UC Davis, Uni- versity of Michigan Ross School of Business, University of Minnesota Carlson School of Management, and World Bank seminars, workshops, and conferences for helpful comments.
[Show full text]