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The Effect of Institutional Investor Portfolio Diversification on Corporate Diversification
Do institutional investors’ portfolio diversification strategies reveal their preferences for aconstituent’s

Audra L. Boone, Hursit S. Celil, Seungjoon Oh, Srinivasan Selvam

Working Paper | No. 20210506 |

Keywords: Institutional ownership, indexing, portfolio diversification, corporate diversification, product similarity

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Investment Sensitivity to Lender Default Shocks
We investigate how idiosyncratic lender shocks impact corporate investment Lenders with recentdefault experience wri

Hursit S. Celil, Brandon Julio*, Srinivasan Selvam

Working Paper | No. 20210505 |
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Asset Pricing with Misallocation
Misallocation reduces total factor productivity and economic growth, implying substantial adversewelfare effects Misa

Winston Wei Dou, Yan Ji, Di Tian, Pengfei Wang*

Working Paper | No. 20210504 |

Keywords: Agency conflicts, distribution of firms, financial frictions, misallocation, endogenous growth, asset pricing

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Firms’ Capital Structure Choices and Endogenous Dividend Policies
We analyze capital structure dynamics of publicly held firms within the context of endogenouslydetermined payout po

Hursit Selcuk Celil*, Mengyang Chi

Working Paper | No. 20210503 |

Keywords: Cash flow identity, capital structure, dividend policy

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The Role of Information in the Rosen-Roback Framework
In this paper, we relax the underlying assumption of complete information in Rosen-Robacktheory and study the role

Xuwen Gao*, Ran Song, Christopher Timmins

Working Paper | No. 20210502 |

Keywords: Information, Rosen Roback Theory, wage-hedonic model, compensating differential

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Policy Uncertainty and Peer Effects: Evidence from Corporate Investment in China
This study investigates whether economic policy uncertainty (EPU) magnifies peer effects in corporate investment in China and the economic mechanisms through which EPU may act upon this property We examine this relationship by analysing a large sample of

Hyun Joong Im, Jane Liu, Young Joon Park*

Working Paper | No. 20210501 |

Keywords: Corporate investment policy, peer effects, economic policy uncertainty, underin-vestment, information cascade

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Limited Risk Sharing in the Great Recession
Firms may want to diversify earnings risk for workers However, firms themselves may be subjectto financial fricti

Yicheng Wang

Working Paper | | No. 20210307

Keywords: Firm insurance, dynamic contracts, search and matching, financial frictions, distributional impact

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Income Volatility and Portfolio Choices
Based on administrative data from Statistics Norway, we find economically significant shifts inhouseholds’ fina

Yongsung Chang, Jay H. Hong, Marios Karabarbounis, Yicheng Wang, Tao Zhang

Working Paper | | No. 20210306

Keywords: Income volatility, portfolio choice, risky share

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Quality Signaling through Crowdfunding Pricing
Problem definition: This paper studies an entrepreneur’s pricing strategy in a reward-basedcrowdfunding campaign

Ehsan Bolandifar, Zhong Chen, Panos Kouvelis, Weihua Zhou

Working Paper | | No. 20210305
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Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance
This paper examines how the coordination of venture capital (VC) investors in their syndicates, asmeasured by thei

Jun-Koo Kang, Yingxiang Li, Seungjoon Oh

Working Paper | | No. 20210304

Keywords: Venture capital, geographic concentration, coordination, monitoring, exit, staged financing, board

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