Details about Harald Hau

Homepage:	http://www.haraldhau.com
Postal address:	GFRI, Geneva University Unipignon 40 bd du Pont d'Arve 1211 Geneva 4 Switzerland
Workplace:	Swiss Finance Institute, (more information at EDIRC) Geneva Finance Research Institute (GFRI), Université de Genève (University of Geneva), (more information at EDIRC) Geneva School of Economics and Management, Université de Genève (University of Geneva), (more information at EDIRC)

Access statistics for papers by Harald Hau.

Last updated 2025-01-06. Update your information in the RePEc Author Service.

Short-id: pha313

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Working Papers

2024

1. Discretionary Administrative Power and Conflicts of Interest in China's IPO Approvals
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute
2. Fund-Level FX Hedging Redux
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute
   Also in ESRB Working Paper Series, European Systemic Risk Board (2024)
3. Is Insufficient Supervisory Board Competence a Risk Factor for Banks?
   EconPol Policy Brief, ifo Institute - Leibniz Institute for Economic Research at the University of Munich

2023

4. Bank Bonus Pay as a Risk Sharing Contract
   Post-Print, HAL
   Also in HEC Research Papers Series, HEC Paris (2018) View citations (2)
   CESifo Working Paper Series, CESifo (2019) View citations (3)
   Working Papers, HAL (2018) View citations (2)
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2018) View citations (2)
   See also Journal Article Bank Bonus Pay as a Risk Sharing Contract, The Review of Financial Studies, Society for Financial Studies (2023) (2023)
5. Can Time-Varying Currency Risk Hedging Explain Exchange Rates?
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in CESifo Working Paper Series, CESifo (2022) View citations (1)
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2022) View citations (1)
6. Do Institutional Directors Matter?
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2022)

2021

7. Does Board Overlap Promote Coordination Between Firms?
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (1)
8. FinTech Credit and Entrepreneurial Growth
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (15)
9. The Effect of Board Overlap on Firm Behavior
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute

2020

10. Global Portfolio Rebalancing and Exchange Rates
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (17)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2018) View citations (16)
    See also Journal Article Global Portfolio Rebalancing and Exchange Rates, The Review of Financial Studies, Society for Financial Studies (2022) View citations (24) (2022)

2019

11. Consumption response to minimum wages: evidence from Chinese households
    Working Paper Series, European Central Bank
    Also in IHEID Working Papers, Economics Section, The Graduate Institute of International Studies (2017) View citations (1)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (1)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2017) View citations (1)
12. Discriminatory Pricing of Over-the-Counter Derivatives
    IMF Working Papers, International Monetary Fund View citations (11)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (12)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2017) View citations (16)
    ESRB Working Paper Series, European Systemic Risk Board (2017) View citations (12)
    See also Journal Article Discriminatory Pricing of Over-the-Counter Derivatives, Management Science, INFORMS (2021) View citations (13) (2021)
13. Local Capital Scarcity and Small Firm Growth: Evidence from Real Estate Booms in China
    CESifo Working Paper Series, CESifo

2018

14. Are CoCo Bonds a Good Substitute for Equity? Evidence from European Banks
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (4)
15. Asset Allocation and Monetary Policy: Evidence from the Eurozone
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute
    Also in CESifo Working Paper Series, CESifo (2014) View citations (1)
    Working Papers, Hong Kong Institute for Monetary Research (2013) View citations (1)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) View citations (1)
    See also Journal Article Asset allocation and monetary policy: Evidence from the eurozone, Journal of Financial Economics, Elsevier (2016) View citations (41) (2016)
16. Capital Scarcity and Industrial Decline: Evidence from 172 Real Estate Booms in China
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (6)
17. Using Social Network Activity Data to Identify and Target Job Seekers
    Working Papers, HAL

2017

18. Firm Response to Competitive Shocks: Evidence from China's Minimum Wage Policy
    CESifo Working Paper Series, CESifo
    Also in IHEID Working Papers, Economics Section, The Graduate Institute of International Studies (2016) View citations (21)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2016) View citations (9)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2016) View citations (3)
    See also Journal Article Firm Response to Competitive Shocks: Evidence from China’s Minimum Wage Policy, The Review of Economic Studies, Review of Economic Studies Ltd (2020) View citations (36) (2020)

2016

19. Technological Progress and Ownership Structure
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2015) View citations (1)

2014

20. Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) View citations (5)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2014) View citations (1)
    CESifo Working Paper Series, CESifo (2014) View citations (6)
    See also Journal Article Incentive pay and bank risk-taking: Evidence from Austrian, German, and Swiss banks, Journal of International Economics, Elsevier (2015) View citations (22) (2015)
    Chapter Incentive Pay and Bank Risk-taking: Evidence from Austrian, German, and Swiss Banks, NBER Chapters, National Bureau of Economic Research, Inc (2014) View citations (3) (2014)

2013

21. Structured Debt Ratings: Evidence on Conflicts of Interest
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (3)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) View citations (3)
    See also Journal Article Structured debt ratings: Evidence on conflicts of interest, Journal of Financial Economics, Elsevier (2015) View citations (38) (2015)

2012

22. Bank Ratings: What Determines Their Quality?
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (24)
    Also in Working Papers, Bangor Business School, Prifysgol Bangor University (Cymru / Wales) (2012) View citations (25)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (24)
    Working Paper Series, European Central Bank (2012) View citations (24)
    See also Journal Article Bank ratings: what determines their quality?, Economic Policy, CEPR, CESifo, Sciences Po (2013) View citations (25) (2013)
23. Dealer Intermediation between Markets
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (4)
    See also Journal Article DEALER INTERMEDIATION BETWEEN MARKETS, Journal of the European Economic Association, European Economic Association (2015) View citations (27) (2015)
24. Real Effects of Stock Underpricing
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    See also Journal Article Real effects of stock underpricing, Journal of Financial Economics, Elsevier (2013) View citations (35) (2013)
25. The Exchange Rate Effect of Multi-Currency Risk Arbitrage
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (2)
    See also Journal Article The exchange rate effect of multi-currency risk arbitrage, Journal of International Money and Finance, Elsevier (2014) View citations (6) (2014)
26. The Role of Equity Funds in the Financial Crisis Propagation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (15)
    Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2011) View citations (3)
    See also Journal Article The Role of Equity Funds in the Financial Crisis Propagation, Review of Finance, European Finance Association (2017) View citations (29) (2017)

2009

27. Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany
    CESifo Working Paper Series, CESifo View citations (56)

2008

28. A Tale of Two Platforms: Dealer Intermediation in the European Sovereign Bond Market
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (19)
29. Global Portfolio Rebalancing Under the Microscope
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (59)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (47)
30. Home Bias at the Fund Level
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (67)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (67)
    See also Journal Article Home Bias at the Fund Level, American Economic Review, American Economic Association (2008) View citations (67) (2008)

2007

31. A Generalized Portfolio Approach to Limited Risk Arbitrage: Evidence from the MSCI Global Index Change
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

2005

32. Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
    See also Journal Article Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change, The Review of Financial Studies, Society for Financial Studies (2010) View citations (55) (2010)

2004

33. Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows and Exchange Rates?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (174)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (174)
    See also Journal Article Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows, and Exchange Rates?, American Economic Review, American Economic Association (2004) View citations (173) (2004)
34. Exchange rates, equity returns and capital flows
    Econometric Society 2004 North American Winter Meetings, Econometric Society
35. Macroeconomic Order Flows: Explaining Equity and Exchange Rate Returns
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)

2003

36. Exchange Rates, Equity Prices and Capital Flows
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (30)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (35)
    See also Journal Article Exchange Rates, Equity Prices, and Capital Flows, The Review of Financial Studies, Society for Financial Studies (2006) View citations (292) (2006)

2002

37. The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    See also Journal Article The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse, Journal of the European Economic Association, MIT Press (2006) View citations (102) (2006)

2000

38. Real Exchange Rate Volatility and Economic Openness: Theory and Evidence
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (15)
    See also Journal Article Real Exchange Rate Volatility and Economic Openness: Theory and Evidence, Journal of Money, Credit and Banking, Blackwell Publishing (2002) View citations (146) (2002)
39. The Euro as an International Currency: Explaining Puzzling First Evidence
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (12)

1999

40. Information and Geography: Evidence from the German Stock Market
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (10)

Journal Articles

2024

1. Can real estate booms hurt firms? Evidence on investment substitution
   Journal of Urban Economics, 2024, 144, (C)
2. Die Zukunft des europäischen Finanzsystems – zwischen Risiken und mangelnder Wettbewerbsfähigkeit?
   ifo Schnelldienst, 2024, 77, (07), 03-36

2023

3. Bank Bonus Pay as a Risk Sharing Contract
   The Review of Financial Studies, 2023, 36, (1), 235-280
   See also Working Paper Bank Bonus Pay as a Risk Sharing Contract, Post-Print (2023) (2023)

2022

4. Global Portfolio Rebalancing and Exchange Rates
   The Review of Financial Studies, 2022, 35, (11), 5228-5274 View citations (24)
   See also Working Paper Global Portfolio Rebalancing and Exchange Rates, CEPR Discussion Papers (2020) View citations (5) (2020)

2021

5. Discriminatory Pricing of Over-the-Counter Derivatives
   Management Science, 2021, 67, (11), 6660-6677 View citations (13)
   See also Working Paper Discriminatory Pricing of Over-the-Counter Derivatives, IMF Working Papers (2019) View citations (11) (2019)

2020

6. Firm Response to Competitive Shocks: Evidence from China’s Minimum Wage Policy
   The Review of Economic Studies, 2020, 87, (6), 2639-2671 View citations (36)
   See also Working Paper Firm Response to Competitive Shocks: Evidence from China's Minimum Wage Policy, CESifo Working Paper Series (2017) (2017)

2019

7. How FinTech Enters China's Credit Market
   AEA Papers and Proceedings, 2019, 109, 60-64 View citations (9)

2017

8. Local Asset Price Dynamics and Monetary Policy in the Eurozone
   ifo DICE Report, 2017, 15, (01), 14-16
9. The Role of Equity Funds in the Financial Crisis Propagation
   Review of Finance, 2017, 21, (1), 77-108 View citations (29)
   See also Working Paper The Role of Equity Funds in the Financial Crisis Propagation, CEPR Discussion Papers (2012) View citations (15) (2012)

2016

10. Asset allocation and monetary policy: Evidence from the eurozone
    Journal of Financial Economics, 2016, 120, (2), 309-329 View citations (41)
    See also Working Paper Asset Allocation and Monetary Policy: Evidence from the Eurozone, Swiss Finance Institute Research Paper Series (2018) (2018)

2015

11. DEALER INTERMEDIATION BETWEEN MARKETS
    Journal of the European Economic Association, 2015, 13, (5), 770-804 View citations (27)
    See also Working Paper Dealer Intermediation between Markets, Swiss Finance Institute Research Paper Series (2012) View citations (4) (2012)
12. Die Dosis macht das Gift – eine Analyse zum Einfluss von Bonuszahlungen auf die Profitabilität und das Risiko von Banken
    ifo Schnelldienst, 2015, 68, (03), 23-31
13. Incentive pay and bank risk-taking: Evidence from Austrian, German, and Swiss banks
    Journal of International Economics, 2015, 96, (S1), S123-S140 View citations (22)
    See also Working Paper Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks, NBER Working Papers (2014) View citations (4) (2014)
    Chapter Incentive Pay and Bank Risk-taking: Evidence from Austrian, German, and Swiss Banks, NBER Chapters, 2014, 123-140 (2014) View citations (3) (2014)
14. Structured debt ratings: Evidence on conflicts of interest
    Journal of Financial Economics, 2015, 116, (1), 46-60 View citations (38)
    See also Working Paper Structured Debt Ratings: Evidence on Conflicts of Interest, Swiss Finance Institute Research Paper Series (2013) View citations (3) (2013)

2014

15. The exchange rate effect of multi-currency risk arbitrage
    Journal of International Money and Finance, 2014, 47, (C), 304-331 View citations (6)
    See also Working Paper The Exchange Rate Effect of Multi-Currency Risk Arbitrage, Swiss Finance Institute Research Paper Series (2012) (2012)

2013

16. Bank ratings: what determines their quality?
    (Bank risk during the financial crisis: do business models matter?)
    Economic Policy, 2013, 28, (74), 289-333 View citations (25)
    See also Working Paper Bank Ratings: What Determines Their Quality?, Swiss Finance Institute Research Paper Series (2012) View citations (24) (2012)
17. Europas Bankenunion oder der Triumph der Hoffnung über die Erfahrung
    Perspektiven der Wirtschaftspolitik, 2013, 14, (3-4), 186-197 View citations (1)
18. Real effects of stock underpricing
    Journal of Financial Economics, 2013, 108, (2), 392-408 View citations (35)
    See also Working Paper Real Effects of Stock Underpricing, CEPR Discussion Papers (2012) (2012)

2011

19. Banken unter Druck: Gibt es Auswege aus der neuen Bankenkrise?
    ifo Schnelldienst, 2011, 64, (22), 03-18
20. Global versus Local Asset Pricing: A New Test of Market Integration
    The Review of Financial Studies, 2011, 24, (12), 3891-3940 View citations (29)

2010

21. Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change
    The Review of Financial Studies, 2010, 23, (4), 1681-1717 View citations (55)
    See also Working Paper Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change, CEPR Discussion Papers (2005) View citations (8) (2005)
22. International order flows: Explaining equity and exchange rate returns
    Journal of International Money and Finance, 2010, 29, (2), 358-386 View citations (42)

2009

23. Subprime crisis and board (in-) competence: private versus public banks in Germany
    (Corporate governance and board of directors: Performance effects of changes in board composition)
    Economic Policy, 2009, 24, (60), 701-752 View citations (61)

2008

24. Home Bias at the Fund Level
    American Economic Review, 2008, 98, (2), 333-38 View citations (67)
    See also Working Paper Home Bias at the Fund Level, CEPR Discussion Papers (2008) View citations (67) (2008)
25. Wie (in-)kompetent sind die Aufsichtsräte deutscher Banken?
    ifo Schnelldienst, 2008, 61, (19), 27-29 View citations (2)

2006

26. Exchange Rates, Equity Prices, and Capital Flows
    The Review of Financial Studies, 2006, 19, (1), 273-317 View citations (292)
    See also Working Paper Exchange Rates, Equity Prices and Capital Flows, CEPR Discussion Papers (2003) View citations (30) (2003)
27. The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse
    Journal of the European Economic Association, 2006, 4, (4), 862-890 View citations (102)
    See also Working Paper The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse, CEPR Discussion Papers (2002) View citations (1) (2002)

2004

28. Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows, and Exchange Rates?
    American Economic Review, 2004, 94, (2), 126-133 View citations (173)
    See also Working Paper Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows and Exchange Rates?, CEPR Discussion Papers (2004) View citations (174) (2004)

2002

29. How has the euro changed the foreign exchange market?
    (The distribution of realized exchange rate volatility)
    Economic Policy, 2002, 17, (34), 149-192 View citations (32)
30. Real Exchange Rate Volatility and Economic Openness: Theory and Evidence
    Journal of Money, Credit and Banking, 2002, 34, (3), 611-30 View citations (146)
    See also Working Paper Real Exchange Rate Volatility and Economic Openness: Theory and Evidence, CEPR Discussion Papers (2000) View citations (15) (2000)
31. The euro as an international currency: explaining puzzling first evidence from the foreign exchange markets
    Journal of International Money and Finance, 2002, 21, (3), 351-383 View citations (19)

2001

32. Geographic patterns of trading profitability in Xetra
    European Economic Review, 2001, 45, (4-6), 757-769 View citations (22)
33. Location Matters: An Examination of Trading Profits
    Journal of Finance, 2001, 56, (5), 1959-1983 View citations (246)

2000

34. Exchange rate determination: The role of factor price rigidities and nontradeables
    Journal of International Economics, 2000, 50, (2), 421-447 View citations (95)
35. Lawyers, Legislation and Social Welfare
    European Journal of Law and Economics, 2000, 9, (3), 231-254 View citations (1)

1999

36. Comment on ‘Corporate Risk Management for Multinational Corporations: Financial and Operational Hedging Policies’
    Review of Finance, 1999, 2, (2), 247-249 View citations (3)

1998

37. Competitive Entry and Endogenous Risk in the Foreign Exchange Market
    The Review of Financial Studies, 1998, 11, (4), 757-87 View citations (52)
38. Privatization under political interference: Evidence from Eastern Germany
    European Economic Review, 1998, 42, (7), 1177-1201 View citations (9)

Chapters

2014

1. Incentive Pay and Bank Risk-taking: Evidence from Austrian, German, and Swiss Banks
   A chapter in NBER International Seminar on Macroeconomics 2014, 2014, pp 123-140 View citations (3)
   See also Working Paper Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks, National Bureau of Economic Research, Inc (2014) View citations (4) (2014)
   Journal Article Incentive pay and bank risk-taking: Evidence from Austrian, German, and Swiss banks, Elsevier (2015) View citations (22) (2015)