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Price Exuberance and Contagion across Housing Markets: Evidence from US Metropolitan Areas (2022)
Journal Article
Chowdhury, M. S. R., Damianov, D. S., & Escobari, D. (2024). Price Exuberance and Contagion across Housing Markets: Evidence from US Metropolitan Areas. Journal of Real Estate Finance and Economics, 69, 132–163. https://doi.org/10.1007/s11146-022-09925-w

Contagion occurs when cross-market correlation increases because of a shock to one market. Identifying shocks as episodes of house price exuberance, we provide evidence for contagion effects among the largest metropolitan markets in the US. We find t... Read More about Price Exuberance and Contagion across Housing Markets: Evidence from US Metropolitan Areas.

Does Marriage Equality Promote Credit Access? Evidence from Same-sex Marriage Laws (2022)
Journal Article
Hagendorff, J., Nguyen, D., & Sila, V. (2022). Does Marriage Equality Promote Credit Access? Evidence from Same-sex Marriage Laws. Journal of Corporate Finance, 77, Article 102315. https://doi.org/10.1016/j.jcorpfin.2022.102315

We show that following the legalization of same-sex marriage across US states, mortgage applications from same-sex borrowers are more likely to be denied relative to a matched sample of different-sex borrowers. Our findings are robust to using a stac... Read More about Does Marriage Equality Promote Credit Access? Evidence from Same-sex Marriage Laws.

Societal Equality Sentiment and Executive Compensation (2022)
Journal Article
Onal, B., Petmezas, D., & Xiong, N. (2022). Societal Equality Sentiment and Executive Compensation. Journal of Corporate Finance, 77, Article 102314. https://doi.org/10.1016/j.jcorpfin.2022.102314

Using elections that reveal changes in countries’ leniency on the left-right political spectrum, we examine whether societal sentiment regarding income inequality affects executive compensation. We find that elections that bring left-leaning (pro-equ... Read More about Societal Equality Sentiment and Executive Compensation.

The Effects of Terrorist Attacks on Inventor Productivity and Mobility (2022)
Journal Article
Fich, E. M., Nguyen, T., & Petmezas, D. (2023). The Effects of Terrorist Attacks on Inventor Productivity and Mobility. Research Policy, 52(1), Article 104655. https://doi.org/10.1016/j.respol.2022.104655

We investigate the impact of deadly terrorist attacks on inventor productivity and mobility in the U.S. During the five-year window after such events, nearby firms generate fewer and less impactful inventions. Moreover, their inventors typically exhi... Read More about The Effects of Terrorist Attacks on Inventor Productivity and Mobility.

Rationalizing the Takaful Organizational Form with Institutional Theory (2022)
Book Chapter
Alhalboni, M., Ebrahim, M., & Jatmiko, W. (2022). Rationalizing the Takaful Organizational Form with Institutional Theory. In D. Nguyen (Ed.), Handbook of Banking and Finance in Emerging Markets (506-522). Edward Elgar Publishing. https://doi.org/10.4337/9781800880900.00036

This article examines the organizational structure of Takaful ('Islamic' insurance) as it constitutes an interesting case study of a relatively inefficient system that has grown in popularity. This challenges the neoclassical economics view that the... Read More about Rationalizing the Takaful Organizational Form with Institutional Theory.

Regulatory Spillovers in Local Mortgage Markets (2022)
Journal Article
Lim, I., Nguyen, D., & Nguyen, H. (2024). Regulatory Spillovers in Local Mortgage Markets. The Review of Corporate Finance Studies, 13(3), 775–817. https://doi.org/10.1093/rcfs/cfac035

We document novel evidence on the spillover effect of a corporate control regulation on local mortgage markets. We find that banks directly targeted by the Sarbanes-Oxley Act (SOX) to rectify their internal control weaknesses reduce mortgage originat... Read More about Regulatory Spillovers in Local Mortgage Markets.

Agency Costs of Debt and Inside Debt: The Role of CEO Overconfidence (2022)
Journal Article
Galariotis, E., Louca, C., Petmezas, D., & Wang, S. (2023). Agency Costs of Debt and Inside Debt: The Role of CEO Overconfidence. British Journal of Management, 34(3), 1606-1631. https://doi.org/10.1111/1467-8551.12661

This study extends our understanding of CEO inside debt compensation under an agency problem perspective by considering the impact of a behavioral trait, namely CEO overconfidence. Using a sample of US firms in Standard & Poor’s ExecuComp for the per... Read More about Agency Costs of Debt and Inside Debt: The Role of CEO Overconfidence.

Oil prices and sectoral stock returns in the BRICS-T countries: A time-varying approach (2022)
Journal Article
Caporale, G. M., Çatık, A. N., Huyuguzel Kısla, G. S., Helmi, M. H., & Akdeniz, C. (2022). Oil prices and sectoral stock returns in the BRICS-T countries: A time-varying approach. Resources Policy, 79, Article 103044. https://doi.org/10.1016/j.resourpol.2022.103044

This paper investigates how exchange rates and oil prices have affected sectoral stock returns in the BRICS-T countries over the period from 2 January 2001 to 22 March 2021. Following the estimation of a benchmark linear model, Bai and Perron (2003)... Read More about Oil prices and sectoral stock returns in the BRICS-T countries: A time-varying approach.

Can Trade Credit Rejuvenate Islamic Banking? (2022)
Journal Article
Jatmiko, W., Ebrahim, M. S., Iqbal, A., & Wojakowski, R. M. (2023). Can Trade Credit Rejuvenate Islamic Banking?. Review of Quantitative Finance and Accounting, 60(1), 111-146. https://doi.org/10.1007/s11156-022-01092-6

This study proposes a renewal of the contemporary Islamic banking Murabaha financing model as it aggravates financial fragility with waning economic efficiency. We adapt the working capital framework of successful US companies like Amazon and Walmart... Read More about Can Trade Credit Rejuvenate Islamic Banking?.